As published in CFA Institute Enterprising Investor on July 29, 2024. How confident are you in what you know? In 2002, Donald Rumsfeld, U.S. Secretary of Defense spoke these, now-famous, words during a Pentagon briefing: “As we know, there are known knowns; there are things we know we know. We also know there are known […]
The investing adage that returns are greatest where capital is most scarce applies well to small cap stocks. These firms, often founder-led or family-owned, tend to be less well capitalized than larger enterprises and they have suffered the most during the recent period of rising interest rates. But this is not the first time they […]
As published in BPM on 15 July, 2024. Benjamin Graham, the “father of value investing” and author of the classic The Intelligent Investor, wrote: “Successful investing is about managing risk, not avoiding it.” Few strategies capture this idea better than stressed and distressed debt. These assets offer investors attractive risk/return propositions but there is no […]
As published in the Globe & Mail on July 9, 2024 (for subscribers only) There are thousands of publicly listed companies globally, yet only a small percentage generate long-term wealth for shareholders. In a study that analyzed the performance of 64,000 global stocks over a 30-year period, from January 1990 to December 2020, researchers discovered […]
As published in the Financial Post on 23 June 2024. Credit spreads serve as a premium offered to investors to offset the risks associated with bankruptcy. This quarter, high-yield credit spreads hit a decade-low of 3.05%. Narrower spreads reflect reduced demand for compensation against credit risk, indicating the market's confidence in low credit risk ahead. […]
As published in Finance et Investissement on 3 June 2024 (in French). Can SPACs, those beleaguered blank-cheque companies whose recent history is as volatile and unpredictable as the emotional health of a certain former president of the United States, be staging a comeback? The SPAC sector, which raises money through public exchange listings and then acquires […]
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