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

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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.

Hitting the Gym: Pumping Iron in a Downturn

October 2016

Building muscle is not easy. I should know – I’ve been lifting weights for several years now, but you wouldn’t be able to tell just by looking at me. I’m still the same stick figure I was in high school. Nonetheless, it’s a fun and grueling hobby, one that I find strangely calming and meditative. A slow journey for sure, but I’ve committed to it for the long term; images of body-building legend, Arnold Schwarzenegger, at his prime, remind me to stick with it.

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