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

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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.

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.

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