Soundbites

Soundbites briefly explore what’s on Sionna managers’ minds.

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Stretch When Exercising, Not When Investing

April 2013

One theme that we continue to see in the Canadian equity market today is a willingness to “stretch for yield.” Investors are so desperate to find income-producing investments that they are prepared to pay an elevated price for that yield.

The 6% Solution (and there is a good chance it could be 9%!)

September 2012

History tells us sideways markets are far more common than secular bull runs. Sideways trends occur immediately after a bull market and last for at least 15 years.

Equity Risk Premium Signals

August 2012

The Equity Risk Premium (ERP) is defined as the return in excess of the risk-free rate that an investor requires as compensation for taking on the added risk of being exposed to the stock market. It is an important measure because it informs us of how optimistic (or not) the market is at various points in time.

More From Our Market Review

May 2012

After our Financial Market Review on May 3, 2012, we had an opportunity to take questions from attendees and address a range of topics. There were a variety of questions brought up: below are three that caught our attention.

Energy Infrastructure – What a Great Year to be “Boring”

February 2012

The energy infrastructure sector enjoyed a banner year in 2011 and significantly outperformed the broader market. These “boring” infrastructure businesses, which includes utilities, pipelines, and energy storage and processing, posted total returns of 20 to 40 per cent for the year.

Caveat Emptor – Let the Buyer Beware

November 2011

As our client, we want to share with you our concerns about aspects of market activity that suggest that exposure to securities lending may be imprudent for the next several months.


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