Risk
At Pender, we consider ourselves owners of a business, not just its stock, which means that when we think about risk we believe that real investment risk is not measured by fluctuations in a stock’s […]
October 4, 2016
Forward Thinking. Finding Value.
Utilities – Reward-free risk?
Paraphrasing Charlie Munger, as investors, all we want to know is where we are going to die, so we won’t go there. Common sense dictates that investors should avoid overcrowded trades in companies with lots […]
July 29, 2016
Active Management: Taking Advantage of Passive Instruments. Again.
At Pender we practice active management and are fundamental value investors who base our investment process on taking advantage of market inefficiencies, such as when a company becomes significantly mispriced in comparison to what the […]
June 17, 2016
Active Management: How active management can take advantage of passive instruments in the credit markets
Credit markets are in a state of transition, with passive instruments such as ETF’s having become major parts of the investing landscape in recent years. Within this context, an active manager faces some challenges but […]
May 27, 2016
Reinvestment Opportunities & Legacy Moats
This is a good article about investing in compounders vs. companies with legacy moats. It nicely summarises a number of important investment concepts.
May 25, 2016
Active Management: Why choose a true Active Manager?
With the striking increase in the number of low cost passive funds now available, whether your investments are actively or passively managed is becoming a bigger concern for investors these days. Research and publicity, not […]
March 14, 2016
Question Time with Charlie Munger: The Future is Unknowable – Stay the Course with Good Businesses (Part 4)
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
February 25, 2016
Question Time with Charlie Munger: Be Rational (Part 3)
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
February 25, 2016
Question Time with Charlie Munger: Specialization vs. a Multi-disciplinary Approach (Part 2)
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
February 25, 2016
Question Time with Charlie Munger: Block Off Some Uninterrupted Time to Read and Think (Part 1)
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
February 25, 2016
Question Time with Berkshire Hathaway’s Charlie Munger: Pender’s Key Take-Away Thoughts
Felix Narhi and Ian Collins recently attended the Daily Journal (NYSE:DJCO) Annual General Meeting in Los Angeles. During the meeting, Charlie Munger (Vice Chairman of Berkshire Hathaway and the Chairman of the Daily Journal) took […]
February 25, 2016
Why I prefer to stay Short Duration
Early in 2016, we are witness to a “hard assets” liquidation frenzy, the likes of which have not been seen for many years. The great commodities supercycle that was supposed to accompany the rise of […]
January 19, 2016
Potential Strategies during a Market Correction (Or Not)
“There will be recessions and there will be stock market declines. If you don’t understand that’s going to happen, then you’re not ready and you won’t do well in the markets” – Peter Lynch There’s no […]
January 15, 2016
Risk and Opportunity in the Pender Corporate Bond Fund
Incoming Pender Corporate Bond Fund manager, Geoff Castle, brings a strong credit discipline to the Pender investment team. Here, we focus on sector exposures and the areas of opportunity he sees in the market.
October 9, 2015
Credit Quality in the Pender Corporate Bond Fund
Incoming Pender Corporate Bond Fund manager, Geoff Castle, brings a strong credit discipline to the Pender investment team. Here, we focus on how he is addressing the balance between credit quality, default risk and realizing […]
October 8, 2015
Close the Discount
The classic investing advice is to “buy low and sell high”. The objective of investing in “Close the Discount” ideas is to buy a stock when it is trading at a substantial discount to a […]
July 30, 2015
Compounders
Compounding is one of the bedrock concepts of investing – “the ability to generate earnings from previous earnings”1. For us, “Compounders” are those companies that can internally compound their intrinsic value at a mid-teens annualized […]
July 30, 2015
Market Warming to Growing Momentum – Panera Bread Co
Company Overview As a pioneer of the “fast casual” restaurant category, Panera Bread is the authority on fresh-baked bread and is well known for its delicious healthy food and its commitment to food transparency.
July 29, 2015
Does Pender run technology funds?
When people look at our portfolios they see our overweight allocations in technology and they quite often ask us if we run technology funds. The quick answer is our funds are not technology funds and […]
May 27, 2015
Berkshire Hathaway 2015 AGM – Pender’s Key Take-Away Thoughts
Felix Narhi and Ian Collins attended the recent Berkshire Hathaway Annual General Meeting in Omaha. As the company was celebrating the 50th year anniversary since Warren Buffett took management control, the mood was particularly festive […]
May 7, 2015
“If we continue with these interest rates, stocks will look very cheap”
Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 4) We attended the Berkshire Hathaway 2015 Annual Meeting in Omaha. We like to hear first hand from two of our value investing icons. […]
May 7, 2015
