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

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The Poetry of Dividends

April 2012

Dividends are not typically the subject of poetry, but given how the current stock market is waxing eloquent about yield, we would not be surprised to see dividends surface in modern prose.

A Tale of Two Selves

January 2012

The natural question is: why do investors believe that their risk tolerance is higher than it is? We believe that this inconsistency is related to something that we have long argued at Sionna, which is that the markets reflects human nature as much as underlying fundamentals.

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.

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