Emerging Markets: What happened in 2022, and where are we at? | EP130
Digging into last year’s performance drivers, the current opportunity set, and benefits of resuming boots-on-the-ground research.
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(Not) boring finds for November 2017
This month we learn how to spot grey rhinos instead of black swans; about the impending software apocalypse; the necessity of stress testing; why we need self-awareness; and, that Gord Downie is one of the best things about what it means to be Canadian.
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There’s no such thing as immaculate perception
Each day we observe events and instantly associate meaning to them. In other words, we are constantly making inferences about the world—usually unconsciously. Unfortunately, we tend to neglect challenging these inferences or even fool ourselves into thinking that they are wholly evidence based.
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For bonds’ sake
Conversations about increasing interest rates and their impact on bond investments have recently spiked in Canada. Since bonds are traditionally viewed as an investment that provides a steady stream of income while acting as a safety net within an overall balanced portfolio, an environment of rising interest rates understandably causes unease: it can decrease the price of bonds and therefore can negatively impact performance.
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(Not) boring finds for October 2017
This month we are hosting a live webcast on finding opportunities in a time of higher interest rates, fuller valuations, and increased risk; reminding ourselves to focus on focusing more effectively; learning about the unintended consequences of innovation; exploring what the current state of malls may mean for property investors; and are intrigued by Howard Marks’ follow-up memo to his memo, “There They Go Again…Again”.
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Loss avoidance: The power of long-term thinking
Short-term gratification can hurt in the long run.
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Objects in the mirror may be closer than they appear
One thing we might say: change may be closer in the proverbial mirror than it appears.
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Beakerhead 2017: Up against all odds
This week we have the pleasure of partnering again with Beakerhead, a Calgary-based charitable organization that “brings together the arts, sciences, and engineering sectors to build, engage, compete, and exhibit interactive works of art, engineered creativity and entertainment.”
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(Not) boring finds for September 2017
This month we learned investors may want to think more like virologists; to start preparing our goodbyes to the internal combustion engine; that interpreting correlations between the economy and a stock may be moot; how Microsoft can learn from the history of IBM; and that attitude sometimes matters more than smarts.
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The age of data monopolies
About a decade ago, was an investor to ask, “What are the best businesses? The ones nearly immune to competition?” the most robust options on the market were arguably two-way network-effect businesses.
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Stroke of the pen risk
The risk that a change in the rules governing an industry could impair an institution's financial performance—more casually known as “stroke of the pen risk,”—is something that all companies are exposed to in varying degrees.
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Don’t ignore the dragon
We must not ignore the dragons in our lives or they will grow bigger and bigger, until they are destabilizing. Acknowledging your dragons is necessary to keep them kitten-sized.
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The anatomy of trust
For investors, trust is an especially fascinating topic. It’s often a factor within the investment thesis since it relates to management teams. And yet, how should we consider “trust” in the context of management teams? How much trust is really enough to invest with someone? And is it ever prudent to fully trust a management team?
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(Not) boring finds for November 2017
This month we learn how to spot grey rhinos instead of black swans; about the impending software apocalypse; the necessity of stress testing; why we need self-awareness; and, that Gord Downie is one of the best things about what it means to be Canadian.
November 1, 2017
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There’s no such thing as immaculate perception
Each day we observe events and instantly associate meaning to them. In other words, we are constantly making inferences about the world—usually unconsciously. Unfortunately, we tend to neglect challenging these inferences or even fool ourselves into thinking that they are wholly evidence based.
October 25, 2017
-
For bonds’ sake
Conversations about increasing interest rates and their impact on bond investments have recently spiked in Canada. Since bonds are traditionally viewed as an investment that provides a steady stream of income while acting as a safety net within an overall balanced portfolio, an environment of rising interest rates understandably causes unease: it can decrease the price of bonds and therefore can negatively impact performance.
October 18, 2017
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(Not) boring finds for October 2017
This month we are hosting a live webcast on finding opportunities in a time of higher interest rates, fuller valuations, and increased risk; reminding ourselves to focus on focusing more effectively; learning about the unintended consequences of innovation; exploring what the current state of malls may mean for property investors; and are intrigued by Howard Marks’ follow-up memo to his memo, “There They Go Again…Again”.
October 4, 2017
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Loss avoidance: The power of long-term thinking
Short-term gratification can hurt in the long run.
September 27, 2017
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Objects in the mirror may be closer than they appear
One thing we might say: change may be closer in the proverbial mirror than it appears.
September 20, 2017
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Beakerhead 2017: Up against all odds
This week we have the pleasure of partnering again with Beakerhead, a Calgary-based charitable organization that “brings together the arts, sciences, and engineering sectors to build, engage, compete, and exhibit interactive works of art, engineered creativity and entertainment.”
September 13, 2017
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(Not) boring finds for September 2017
This month we learned investors may want to think more like virologists; to start preparing our goodbyes to the internal combustion engine; that interpreting correlations between the economy and a stock may be moot; how Microsoft can learn from the history of IBM; and that attitude sometimes matters more than smarts.
September 6, 2017
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The age of data monopolies
About a decade ago, was an investor to ask, “What are the best businesses? The ones nearly immune to competition?” the most robust options on the market were arguably two-way network-effect businesses.
August 30, 2017
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Stroke of the pen risk
The risk that a change in the rules governing an industry could impair an institution's financial performance—more casually known as “stroke of the pen risk,”—is something that all companies are exposed to in varying degrees.
August 23, 2017
-
Don’t ignore the dragon
We must not ignore the dragons in our lives or they will grow bigger and bigger, until they are destabilizing. Acknowledging your dragons is necessary to keep them kitten-sized.
August 16, 2017
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The anatomy of trust
For investors, trust is an especially fascinating topic. It’s often a factor within the investment thesis since it relates to management teams. And yet, how should we consider “trust” in the context of management teams? How much trust is really enough to invest with someone? And is it ever prudent to fully trust a management team?
August 9, 2017
