Insights
These concise papers provide a detailed look at the factors that contribute to the investment decisions we make at Sionna.
Is Buy and Hold Dead?
October 2011
After a lost decade of stock market returns, investors may wonder whether the “buy and hold” approach to investing is dead. Of course, it is not uncommon for the investment community to question the merits of long-term investing during periods of high volatility.
Back to Normal?
July 2011
As keen students of financial history, we have spent time over the years trying to gain a better understanding of what drives markets over longer periods of time and have identified several fundamental factors that tend to result in market outperformance.
Relative Value in Resources
April 2011
Canada has long been associated with commodities, and our stock market is no different. Half of the value of the S&P/TSX Composite Index is derived from cyclical stocks in the resource sectors, energy and materials.
High Correlation In Equity Markets
January 2011
Correlations between most equity sectors and individual stocks are all well above historical norms. In the short term, this is reducing the benefits that have typically come from individual stock selection and causing returns for all investors to be connected.
Not All ROEs Are Equal
October 2010
Return on equity (ROE) is one of the metrics commonly used for assessing the profitability of a company. A business that can sustainably generate higher returns for every dollar of capital employed is a more valuable business than one that generates less.
P/E Ratios: A Classic Predicator of Long-Term Returns
July 2010
Benjamin Graham and David L. Dodds are, hands down, the Shakespeares of the financial industry. For a couple of financial guys, they wrote beautifully and, like Shakespeare, their quotes were loaded with meaning and foreshadowing.
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