Insights

These concise papers provide a detailed look at the factors that contribute to the investment decisions we make at Sionna.

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Don't be Fooled by the P/S

April 2018

It has never been easier to spread a message to the masses. Turn on the television and chances are you will find “facts” being scrutinized, so much so that consumers are willing to pay for high-quality, investigative journalism. Sionna is familiar with the investigative process as we have always felt the need to dig beneath the surface when looking for investment ideas. One topic we have been investigating recently is the robustness of the price-to-sales ratio (“P/S ratio”) as a tool to unearth investment ideas.

Practicing Differently

January 2018

The idea that practice improves performance is widely accepted, but it’s important to recognize that not just any practice enhances abilities. The act of doing the same thing over and over again may not necessarily lead to improvement beyond a certain point. Instead, a different type of practice, carried out over a sufficient period of time, is what can lead to improvement. So what, then, is the right sort of practice?

The Sweet Music of the Gritty

October 2017

Although we often attribute exceptional performance to innate talent, it is likely that passion, perseverance and just plain hard work is the true differentiator of exceptional performers. In our experience, these important attributes are commonly found when partnering with owner-operated businesses.

Unintended Consequences

July 2017

Sionna believes in the power of incentives. But what about unintended consequences like the cobra effect? By their very nature these situations are difficult to avoid since the outcomes are never intentional.

A Post-Truth World?

April 2017

With all of the recent media coverage regarding the current President of the United States, one wouldn’t be surprised by the following excerpt from a recent article in the New York Times President’s Misstatements Getting Less Attention

Scratch the Surface...or Dig Deeper

January 2017

At Sionna, we believe that investing is very similar to chess; we need to think long term when choosing to take a course of action – it’s not just about the next move, but a number of moves ahead. To succeed in chess and investing, it’s important to harness our ability to think deeply and concentrate in an undistracted environment.


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