To say we’ve been living in interesting times is an understatement. This past year has seen:
• A global pandemic.
• The fastest gross domestic product (GDP) contraction on record.
• The sharpest rise of unemployment on record.
• Elevated civil unrest in numerous countries around the world....
This year has brought about the largest economic shock in modern history as well as the largest stimulus response in history. Cambridge Canadian Equity Fund began the year with a cyclical bias, but as the pandemic gained ground, we began reducing our investment in the energy sector and cyclical exposure. Thanks to an aggressive federal stimulus...read more
We live in a world that is constantly evolving, especially when it comes to business. Companies are routinely looking for ways to maximize the value of their operations by purchasing industry peers or divesting themselves of divisions that would be worth more in the hands of other owners. As investors that focus on a shortlist of...read more
Over the last three years, the performance of the Cambridge Canadian Equity Fund has not met clients’ expectations, and rightfully so. After an excellent five years from inception, the last three have been subpar (third quartile to be exact).
First, let me confirm that my approach to investing has not changed. I continue to...read more
Arguably the greatest investor of all time, Warren Buffett, began his career as what one would describe as a deep value investor. He closely followed the Ben Graham style of investing, whereby one aims to acquire an asset at a meaningful discount to intrinsic value. A common outcome of such thinking was that it often gravitated towards...read more