Discussion Papers

Our investment professionals provide in-depth articles on a variety of current investment themes.


The Million Dollar Lesson | Kara Lilly, CFA | June 2016

First you recognize your mistakes, and then you learn from them. Challenging the stigma around errors and learning how to use them to become better investors by building resilience and wisdom moving forward.

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The Portfolio is the Hedge | Kara Lilly, CFA | March 2016

A non-predictive approach to managing currency risk.

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Fine Tuning Your “Baloney Detection” Meter | Kara Lilly, CFA | Nov 2015

Increasing our ability to detect falsehoods can make us better decision makers.

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The Expert Problem | Kara Lilly, CFA | Jun 2015

A better understanding of how and when to utilize experts helps prevent wasting time and money.

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The Unfathomable is Not Impossible | Kara Lilly, CFA | Apr 2015

When we open our minds to a wide set of possibilities—including ideas that initially seem impossible—we make it easier to put the odds in our favour over time.

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Beware the Camel in the Tent | Kara Lilly, CFA | Dec 2014

Values shape the outcomes of our relationships, careers, investments and society, and therefore, are far too important to leave to chance or camels. It is worthwhile to reflect on them for they have a material impact on our decisions and will manifest in our lives whether or not we explicitly consider them.

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Conversations with a Spy | Kara Lilly, CFA | Sept 2014

"Imagine that a car bomb is set to go off tomorrow at 11:00 a.m. What do you do?"

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Language Matters | Kara Lilly, CFA | Jun 2014

Just how important is a common language to investing? While some investors view it as the sort of soft, fluffy stuff best left to liberal arts majors, empirically—and in our experience— it is an essential feature of high performing investment teams.

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The Mountains We Climb | Kara Lilly, CFA | Mar 2014

Failure and the Pursuit of the Extraordinary.

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Water, Algorithms, and Toilets | Kara Lilly, CFA | Oct 2013

What business model innovation means for investors (and the world).

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