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
On May 7, 2020, Shopify (a Canadian multinational e-commerce company) surpassed Royal Bank of Canada (the largest bank in Canada by market cap) to become the company with the largest market capitalization in Canada. Previous “winners” to top RBC in terms of the S&P/TSX composite index, in terms of its weighting, have subsequently not fared...read more
How nations have chosen to respond to COVID-19 has provided to be an interesting look into their innate culture, philosophy and values. It is too early to define the best strategy, and differing positions along the individualist vs. collectivist paradigm means it will remain subjective. A nation’s approach has vast second order effects...read more
As I write this update to my last blog, there are tentative signs that the COVID-19 virus is plateauing, with the increase in new infections no longer following an exponential curve. However, while market volatility has calmed down, it is still elevated.
As investors and stewards of clients’ capital, we have two issues to consider:...read more