Insights
These concise papers provide a detailed look at the factors that contribute to the investment decisions we make at Sionna.
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.
Big-Picture Thinking
July 2016
When I first started in the industry, one of the more popular styles of investing was top-down stock picking; where you made an economic forecast, decided which sectors were going to benefit and then tried to buy the quality names within that sector. Effectively, this approach required investors to focus on the short term; they predicted what economic trends were underway and then adjusted their portfolio accordingly. Value managers generally didn’t, and still don't, believe that the economy could be accurately forecasted in general, and they definitely didn’t believe that it could tell you how to invest.
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