Brandon Snow's blog

Update from conference in Orlando

Brandon Snow's picture

Every year, I attend the Raymond James Institutional Investors Conference in Orlando, Florida. The conference includes presentations by senior management teams of more than 200 companies across all industries, and I had the pleasure of meeting with over 20 companies during the last few days. This gave me the opportunity to check in on a number of portfolio holdings – and I am excited to have found a half-dozen potential new ideas.

Here are some of the highlights from my time at the conference.

Portfolio Update/Weather Matters Again

Brandon Snow's picture

Portfolio update: The markets entered the year with high expectations for equities which have recently come back down to earth. The trigger for the “risk-off” trade was the pressure on emerging market (EM) currencies (and bonds by proxy) which rippled through consensus longs in Japan and U.S. equities, and shorts in treasuries and gold. We have also seen some less-than-stellar economic data points out of the U.S., which has exacerbated the sell-off. As many of you know, we always worry about what can go wrong.

Lessons from Intrawest

Brandon Snow's picture

One of the mistakes I can look back on from early in my career was with a stock called Intrawest. I started covering the company in 2004 and felt that it was not particularly well managed at the time and that its stock was overvalued. It spent most of 2004 between $20 and $25, but began moving higher in 2005. I remained negative while the portfolio managers I worked for (namely Alan Radlo) were on my case as the bull scenario was playing out and the stock continued to rise. The bull thesis centered on the value of “irreplaceable” assets and the real estate pipeline.

Portfolio Update and Outlook for 2014

Brandon Snow's picture

A review of 2013
As we look back at 2013, we should all be thankful for a year of great markets. We saw significant returns in the U.S. with the S&P 500 Index up 26.6% year-to-date. In Canada, the market performed reasonably well with the S&P/TSX Composite Index up 7.4% year-to-date. The Canadian dollar, however, had a tough year (-8%).

Correlations Down, Active Management Up

Brandon Snow's picture

Correlations Down, Active Management Up

Following the U.S. government shut down (non-event), we have seen a very strong rally across stock markets with the S&P 500 Index reaching new highs. While Q3 results were okay, this rally continues to be driven by multiple expansion rather than upward earnings revisions. Today, the stock market is fairly valued on an absolute basis and annualized standard deviation total returns are what we can reasonably expect from the indexes.

Thinking Through The Fed Balance Sheet

Brandon Snow's picture

Recently, there has been a lot of discussion about the U.S. Federal Reserve balance sheet as markets were driven to confusion over the anticipated reduction of the Fed’s economic stimulus measures. I asked two of Cambridge’s newest team members, Analysts Danesh Rohinton (global securities in the financials sector) and Grant Connor (fixed-income), to offer their perspective on the situation and highlight the risks as we see them. Here is a summary of their insights.

Analyzing the Sustainability of Returns

Brandon Snow's picture

At Cambridge, we analyze a company's source of growth to look for sustainability. The same analysis can be used when looking at the market by assessing drivers of returns.

With strong performance across markets so far this year, we decided to dissect returns to find out what has been driving them. Is it earnings growth or multiple expansion? You can see the results below:

Pages

Subscribe to RSS - Brandon Snow's blog