Benjamin Graham and David L. Dodds are, hands down, the Shakespeares of the financial industry. For
a couple of financial guys, they wrote beautifully and, like Shakespeare, their quotes were loaded with meaning and foreshadowing.
Always a huge presence in the Canadian equity market, the major banks have been instrumental in the robust recovery from last year's bear-market bottom. Since March 2009 the financial services sector, dominated by the banks, has roughly doubled in value to lead all others. Weighing in on the future prospects for the banks, in today's part one of Morningstar's Canadian equity roundtable, are Kim Shannon president and chief investment officer of Sionna Investment Management Inc.; Martin Hubbes, chief investment officer at AGF Investments Inc.; and Ian Hardacre, vice-president at Invesco Trimark Ltd. They spoke with Morningstar columnist Sonita Horvitch, whose three-part series continues on Wednesday and concludes on Friday.
In today's part two of Morningstar's Canadian equity roundtable, the portfolio managers discuss life insurers, energy producers and gold miners. Our three panelists: Kim Shannon, president and chief investment officer of Sionna Investment Management Inc.; Martin Hubbes, chief investment officer at AGF Investments Inc.; and Ian Hardacre, vice-president at Invesco Trimark Ltd.
In today's third and final installment of this week's Canadian equity roundtable, the managers' discussion turned to stocks in the consumer and telecom sectors. Our three panellists: Kim Shannon, president and chief investment officer of Sionna Investment Management Inc.; Martin Hubbes, chief investment officer at AGF Investments Inc.; and Ian Hardacre, vice-president at Invesco Trimark Ltd. They spoke with Morningstar columnist Sonita Horvitch.
The Canadian equity market has demonstrated an exceptional degree of volatility over the past year and a half. At Sionna, we have tried to navigate the market turbulence by staying focused on our fundamental research process. Some of our decisions have proven to be successful, others have been less so.
It is commonly accepted wisdom that value managers tend to avoid gold stocks. Why? In general, gold stocks trade at multiples that are much higher than the market and conventional value stocks, and therefore are unattractive to investors that seek "value."
The ongoing actions of global governments to sustain their financial markets are aptly being called "The Great Experiment." The current situation is unprecedented in financial history, thus we do not have the past as a guide for the future. So when a living legend like Warren Buffett dares to put forward a perspective on the world's predicament, we would have thought it would garner much attention and discussion.
At first glance, the current situation in natural gas markets appears grim. Gas prices are down more than 70% from their peaks and are trading at seven year lows. Demand for natural gas is declining with the global slowdown, and new supply is increasing from both unconventional players and from LNG (liquefied natural gas). So why is Sionna bullish on natural gas?
Kim Shannon has made a career out of being a contrarian: She abandoned a career in science for the vicissitudes of the market, then walked away from CI Financial Income Fund to form an alliance with Brandes Investment Partners. Shannon now has a bone to pick with the conventional wisdom that says men are better investors than women. Here, she explains why.
Everyone’s a value investor today, now that ‘momentum,’ ‘rotation’ and ‘growth’ are tarnished terms. That’s also a smart strategy, since buying underpriced shares is the only time-tested way of outperforming the market. But what puts the value in value investing?