Over the last five years or so, people have gotten to know the three dimensions of our investment philosophy at Cambridge: 1) active management 2) a focus on understanding downside risks and 3) an ownership mentality.
Brandon Snow's blog
The upcoming referendum on whether the U.K. should stay or leave the European Union (or “Brexit”) has become a tremendous news story. Given the uncertainty and excitement the press has been hard at work, in turn creating anxiety in financial markets and concern among individual investors. Ongoing close poll results and high profile individuals on both sides have further added fuel to the fire.
One of the most impressive CEOs I have dealt with in my career is Hunter Harrison – former CEO of CN and current CEO of CP Railway. As an analyst covering CN, I had the privilege of getting insight into his thought process. As shareholders, we were fortunate to participate in the stock’s performance.
Bob, Steve and I just returned home from the annual roadshow which spanned 23 cities from coast to coast and included over 4500 financial advisors. First of all, I want to say thank you once again for the support and hospitality we received. It’s exciting to get out in front of our clients to discuss our current views and revisit our philosophy, and we were humbled by the record turnouts in nearly every city we visited.
Momentum and the markets
We have had another amazing year in the market, not all good and not all bad but overall pretty wild! With everything that happened in 2015 it's funny to sit back and watch, with two hours to go before the final closing bell of the year, the S&P is sitting at 2055.65, almost exactly the level it opened the year – of course the TSX didn't do so well, down 10% in local currency. Before discussing our approach to 2016, I wanted to discuss a few of the big drivers in 2015:
1. Energy prices sink again:
While at the Leadership Conference in Dallas this October, we had the pleasure of hosting a session featuring one of the most impressive managers we know – Alain Bedard, Chairman and CEO of TransForce (TFI CN).
Another yuan bites the dust
With China finally joining the currency debasement party (in a small way to start), I thought it would be important to discuss currency and its impact on perception of returns.