Insights
These concise papers provide a detailed look at the factors that contribute to the investment decisions we make at Sionna.
Tune Out the Noise
April 2016
Recent volatile markets and accompanying daily negative news headlines are a constant reminder of just how much noise exists. Not all negative news is noise though. When there’s a fundamental change in an industry or a specific company, we need to listen and update our views accordingly. The challenge is to distinguish potential distractions from relevant information.
The Search for Sustainable Long-Term Investments
January 2016
The topic of Environmental, Social and Governance (ESG) investing is one that continues to gain in popularity. ESG investing can have different meanings to individual investors, and ESG principles can be incorporated into investment processes in a multitude of ways. At Sionna, we thought it would be worthwhile to share our interpretation of ESG principles and how we apply them to our research process.
Harnessing the Power of a Misunderstood Tool
October 2015
With the number of buybacks hitting record-breaking highs, share repurchases have increasingly become a popular topic on the news. Many commentators argue that the surge in buyback activity was an impending sign that the market was set for a correction. History, and recent market weakness, tells us that there may be some truth to this belief.
Searching Beneath the Surface
July 2015
Traditionally, value investors are perceived as focusing on companies that trade at low price-to-earnings (PE) and price-to-book (PB) multiples. At Sionna, we believe these traditional methods are best married with extensive fundamental analysis and a healthy dose of skepticism since multiples can be misleading in some cases.
Getting Comfortable with Discomfort
April 2015
As value investors, we often have to make the challenging decision to buy and hold a business that is out-of-favour. When faced with the opportunity to buy shares in an unloved company, the easiest option can be to avoid it altogether – along with the criticism, stress and fear that can come with deploying capital into the investment.
The Unsustainability of $50 Oil
January 2015
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.
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