Stephen Groff's blog

Cambridge Update: Our Pursuit of Continuous Improvement

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At Cambridge Global Asset Management (“Cambridge”), the vast majority of our time is spent analyzing companies. A common trait found at many of the best companies is a strong culture that is underpinned by a desire to continue improving. In today’s highly competitive world, if you stand still, you’re actually falling behind.

Is Holding a Canadian Portfolio "Risky"? Not with the Right Focus

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A recent opinion piece by Ian McGugan in The Globe and Mail highlighted a dubious distinction for Canada: it has the highest proportion of unprofitable listed companies in the world, according to research by Aswath Damodaran, Professor of Finance at the Stern School of Business at New York University. Based on Damodaran’s calculation of negative net income based on an equal-weighted metric, Canada topped the list with 75% of public companies failing to meet this measure of profitability, well above the U.S. with 45% and the global average of 30%.

Why we are still not owners of Canadian banks

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Early last year we published "Why we are not owners of Canadian Banks today,” which summarized our rationale for avoiding investing in the industry. Now, nearly 18 months later, we thought it was a good time to provide an update. We will touch on what has changed and then review capital levels, which we believe are important but less frequently discussed. Again, special thanks to our global financials analyst Danesh Rohinton on our team for providing much of the data and insights.

In times of speculation, examples of how Cambridge is reducing risk

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For lower risk mandates such as the Cambridge dividend suite and Cambridge Asset Allocation, protecting capital from permanent impairment is the primary objective. While this does not mean being immune to market volatility (they are not), it does mean extra emphasis must be placed on focusing on the downside.

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