It (Value investing) is conservative, it is fundamental. And not speculative. And low and behold because you’re not doing what everybody else is doing in Bay Street, in Wall Street, you have a very good chance for success.”
- Charles Brandes
published February 9, 2015
posted in Sharing Value
published January 2015
posted in Soundbites
Analyzing Capital Allocation Decisions: Empire’s Acquisition of Canada Safeway
Sionna often speaks about the importance of prudent capital allocation in the art of investing. Accordingly, we strive to partner with management teams that carefully evaluate their investment alternatives and efficiently allocate capital toward high-return opportunities.
published January 2015
posted in Insights
The Unsustainability of $50 Oil
Oil prices have fallen significantly over the last few months due to a myriad of concerns. The magnitude of the current price drop has not been seen since the credit crisis of 2008/09. There are many reasons in the short term for this significant decline in price.
published December 2014
posted in Media
Market Outlook 2015 (Money Sense)
If you’ve bought any stocks this year, you’ve probably noticed that it’s a bit of an odd time to be an investor. For most of 2014, Canada’s market did well—between January and September our main market index, the S&P/TSX Composite, was up by nearly 15%. But it’s been another story since then.
published November 2014
posted in Soundbites
Growth vs. Value
Among investors, there has been a perennial debate between those who adhere to Value, and those guided by Growth. As staunch believers in the former, we have opined on the topic several times in the past.
published November 9, 2014
posted in Video
A Common Sense Path to Investment Success: Kim Shannon
Kim Shannon
President & CIO
published July 2014
posted in Insights
Risk: Control What You Can and Manage What You Can’t
In the world of finance, risk is often defined as beta or standard deviation, both of which measure the volatility of the price of a stock.
published June 2014
posted in Soundbites
Canadian Oil – Unwanted and Stranded
There is a lot of talk these days about the fate of Canadian oil. Specifically, there is much discussion surrounding two questions - does the U.S. still need Canadian oil and even if Americans need Canadian oil, is it stranded?
published September 2012
posted in Media
A New Mantra for Money Managers: Think Small (The Globe and Mail)
Sionna is an inspiring story for the up and comers, not only because of its success, but how it got there.
published November 2007
posted in Soundbites
Value Thoughts to Ponder in an Emerging Global Credit Crunch
Sub-prime resets (mortgages that were initially sold with low “teaser” rates, after a set period of time then rise to market levels, leading in some cases to significantly higher monthly payments) will remain high until March 2008, and then defaults will set in a few months later as it takes time for borrowers to finally throw in the towel. We suspect that the magnitude of global credit problems will be better known by June 2008. We believe it is prudent and cautious to modestly underweight financial services and banks until the full magnitude of the challenge is better understood.