Each week, our team publishes a blog and webcast.
Back in January, we bought shares of Franco-Nevada (“FNV”) for suitable client accounts. FNV is a streamer, meaning that it receives a royalty on a bunch of mines that are owned and operated by another company. In other words, FNV receives a percentage of revenue yet isn’t on the hook for paying any of the […]
Most investors underestimate their appetite for risk. Before we open a new account, we send out a brief survey with several questions. The answers give us a better idea about our soon-to-be client’s comfort with volatility and experience with the market. One of our questions asks which of the scenarios below is most preferred: Everyone […]
As we expected, Canada cut its benchmark interest rate by 25 basis points to 4.75% on June 5. Earlier this week, Bank of Canada Governor Tiff Macklem spoke publicly for the first time since that decision. Wearing a bright orange tie to support the Oilers ahead of game seven, Macklem told Winnipeg’s Chamber of Commerce […]
About two years ago, the Canadian Western Bank (“CWB”) caught our attention. After falling just about 40% from its November 2021 high, the stock price was certainly considered contrarian. In addition to being out of favour, we liked that it traded almost 30% below its book value (which is a financial term used to describe […]
It’s hard to believe that four years have passed since the Covid-19 pandemic shut down our economy and confined us each to stay home in seclusion. At the time, 2020 seemed unprecedented; in retrospect, it was quite a surreal experience. While in lockdown, something called “meme investing” was born through Reddit, an online community. Stocks […]
ESG investing targets companies that follow positive environmental, social, and governance principles. The style exploded in popularity over the previous decade. In 2020, even the Rockefeller Foundation – created 90 years earlier by John D., whose Standard Oil owned 90% of the refineries at one point – committed to divest all of its fossil fuel […]
Rare is it to find a great business that simultaneously trades at an inexpensive valuation. Often, inexpensive stocks are cheap for a reason while high quality businesses accompany nosebleed valuations. We’re constructive on Brookfield Infrastructure Corporation (“BIPC”), a stock we purchased for suitable client portfolios at CAD$42.77/share last month. As its name suggests, BIPC has […]
The Dow Jones Industrial Average (“Dow”) hit 40,000 points last week. Had it not been for the media, I might not have noticed. A big and round number, however, makes for a good headline. Several ask if it’s a “sell signal” whenever an index hits a new all-time high. Our short answer is “no”. Not […]
Despite its benefits, artificial intelligence (“AI”) will accompany unintended consequences. On the plus side, efficiencies will be found, information will be more readily available, and productivity will be improved. On the other hand, jobs (and entire professions) will be eliminated, fraud will grow exponentially, and do we really want machines running our lives? Comedian Nate […]
“I’ve always wondered what you think about the Canadian economy,” asked a shareholder that traveled from Newmarket down to Omaha last weekend for the Berkshire Hathaway meeting with Warren Buffett. Buffett responded that while many of Canada’s companies aren’t large relative to those in the United States, “we’re actually looking at one thing now.” Is […]
