|May 23, 2013||
Understanding what management has done in the past is useful, but we’re more interested in learning about their vision for the future.
|May 16, 2013||
Walking the High Wire
Should we take our profits now?
|May 09, 2013||
Japan: New Hope or False Start?
Next to my desk I have a research report, yellowed with age from February 2, 1988. It’s title: “A Rationale for the Japanese Market’s High Valuation.” The research report goes on for nine pages rationalizing why the Japanese index, trading at a multiple of 56 times earnings, was reasonably priced and that investors should buy. Now some might say the report was right, because had you held the Nikkei index from that day until the end of 1989, you would have been up 64.4%. However, had you held the index from that same day to the beginning of 2013, you would have lost 70% of your capital.
|May 02, 2013||
No Artificial Ingredients
It stands for that which is pure, time tested, and reliable.
|Apr 25, 2013||
Eastern Promises - Q1 2013
From our latest Investment Newsletter...
|Apr 18, 2013||
Losing its Lustre
It's been an ugly few weeks for gold investors.
|Apr 12, 2013||
Water, Towels, and Investment Management
Bigger isn't always better...
|Apr 05, 2013||
Drop the Anchor
A friend called me several years ago seeking advice. He had invested $100,000 into a mutual fund and within months he had lost almost 20% of his money. Our conversation then, and the events that have since transpired, illustrate the perils of anchoring - a behavioural finance term that can trap any investor. Here’s what happened.
|Mar 28, 2013||
Forward or Backward?
There’s a significant cohort of the investment community which suggests that the best approach to investing is to focus on a company’s historical data.
|Mar 22, 2013||
The Shadows of Cyprus
I travelled to Cyprus about ten years ago. It’s about twice the size of Prince Edward Island and home to approximately one million people. Life seemed simple in Cyprus. Food was fresh and the Mediterranean views were spectacular. From what I could gather, tourism and agriculture were the primary means to earn a living. Playing chess or dominoes were popular ways to spend the evenings. I haven’t heard much about Cyprus in the last 10 years…until the last week. What happened?
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