Stephen Groff's blog

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.

How we adapt when facts change

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We live in a highly dynamic world where technological forces only continue to accelerate the rate of change. This has important implications for both society at large as well as how we analyze and select investments for our clients. While it is nice to discuss examples of businesses where we spotted an important inflection point and everything worked out exactly as we hoped, today we will do the opposite and review a recent case where industry drivers have changed (and gone against us).

A chat with our energy analyst

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In this edition of the bi-weekly blog, I am joined by Authi Seevaratnam, our energy analyst, who brings a unique perspective to an important sector to Canadians.

I’m glad you got a look into his process for making sure we are managing downside risks in the oil and gas space, while keeping an eye out for the right opportunities.

Have a great weekend.

Around the world in search of the best companies

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The past few weeks have been very busy for the Cambridge team. After significantly increasing the size of our team over the past two years, we had outgrown our old office space. We have relocated to a new, larger open concept area which we are enjoying and it also allows us space for future growth. The open concept has the PMs working out on the floor with the analysts.  This helps to encourage idea generation and facilitates communication amongst all of our Cambridge team members.


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