Insights
These concise papers provide a detailed look at the factors that contribute to the investment decisions we make at Sionna.
The Jelly Bean Effect
October 2014
I have always been a fan of the Jelly Bean Game. You know the one: a glass jar filled with jellies to the brim and a daring sign proclaiming, “Guess the number of jelly beans, win a prize!” Whenever I see one of these in the middle of a crowded mall or tucked inside a carnival tent, I drop everything and start studying the beans.
Risk: Control What You Can and Manage What You Can’t
July 2014
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.
Commodity Cycle, Epilogue or Sequel?
April 2014
The TSX is the most resource intensive of the major markets in the world. Today, the combination of the Energy and Materials sectors sums to 38% of the benchmark and thus has a significant impact on our market and returns.
Focus on Fundamentals, Not Fuzzy Forecasts
January 2014
The question of what happens when interest rates rise is one that has no clear answer. Many investors are trying to understand the impact of a rising rate environment on the equity markets so they can invest accordingly.
Sticking to What Works
October 2013
After 30 years of falling interest rates, investors have become fixated on the potential impacts that rising rates and the end of quantitative easing will have on the economic recovery and the stock market. Today’s investing environment is unquestionably unique which explains the concerns.
No One Washes a Rented Car
July 2013
Warren Buffett has often addressed the issue of his acquisition criteria in the Berkshire Hathaway annual letter to shareholders.
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