Stretch When Exercising, Not When Investing

One theme that we continue to see in the Canadian equity market today is
a willingness to “stretch for yield.” Investors are so desperate to find
income-producing investments that they are prepared to pay an elevated price
for that yield.

Capital Allocation: A Sign of Management Savvy

Sionna’s disciplined investment process focuses on the key qualities of a business: competitive advantages, financial strength, quality of management and valuation, among others. Examining quality of management can be difficult to do, because there are so many intangible aspects to it.

Fund Manager Roundtable (Canadian Business Investor’s Guide 2013)

By Bryan Borzykowski, photographs by Daniel Ehrenworth – So 2013 could be a rocky year? Fantastic. Four of the country’s top fund managers say that’s exactly the environment that offers up the opportunities of a lifetime.

Don’t Miss the Market Upswing (Canadian Business)

By Bryan Borzykowski – Four years after the worldwide stock market crash, fixed income still rules. The vast majority of investment money continues to flow into supposedly crash-proof bond funds.

Catalyst – A Four Letter Word

Sionna is always investigating areas of the market that are unloved and out of favour in search of great bargains. Individual companies, industries and even entire sectors can become inexpensive from time to time.

2012’s PROFIT/Chatelaine W100 (Profitguide.com)

The entrepreneurs honoured in the 14th annual PROFIT/Chatelaine ranking of Canada's Top Female Entrepreneurs run firms that are among the country's most thriving businesses.

Shale Oil: Not So Crude?

The last 12 months have witnessed price declines in a number of energy company stocks. While part of this attrition can be attributed to continued weakness in natural gas prices, that theme is not new, and has been a factor for a few years now.

Appetite for REIT Yields Alive and Well (Financial Post)

It’s one indication of the large and continuing demand by retail investors for yield, especially the yield generated by real estate investment trusts.

The 6% Solution (and there is a good chance it could be 9%!)

History tells us sideways markets are far more common than secular bull runs. Sideways trends occur immediately after a bull market and last for at least 15 years.

The Attraction of Natural Gas Stocks to Value Investors (Financial Post)

It must be a value investor thing.

For the second time in a short period of time, a high profile manager who has a value investing style has opined on the merits of buying shares of companies that produce natural gas, a commodity that is trading at price levels not seen in many years.