Insights
These concise papers provide a detailed look at the factors that contribute to the investment decisions we make at Sionna.
If it Ain't AI, it Ain't Working
July 2026
No theme in the past decade has captured attention and capital like the proliferation of Artificial Intelligence (AI) across everyday life. The AI infrastructure buildout increasingly resembles that of the telecommunications fiber overbuilds of the early 2000s. In that period, the forecasts for growing demand turned out to be correct, yet returns collapsed as excess supply drove down prices and largely commoditized the fiber infrastructure. While AI differs in important respects, similar risks lurk within today’s buildout.
The Big Cycle Shift: From Asset-Light Dominance to Physical Scarcity, From Growth to Value
April 2026
After more than a decade of growth dominance fueled by abundant liquidity and disinflation, the balance of evidence suggests a swing of the pendulum, from asset-light to asset-heavy businesses. In this emerging regime, value is not simply participating in the cycle, it is positioned to lead it, and Canada has the natural endowments to lead on the world stage.
Natural Folly in the Age of Artificial Intelligence
January 2026
Artificial Intelligence (AI) seems to be front and center everywhere these days. This enthusiasm is understandable. AI has the potential to redefine productivity and transform whole industries (and even societies). But there is much uncertainty with the rate of AI adoption, the ultimate economic impact and who the winners and losers will be tomorrow. Against this backdrop of uncertainty there are risks brewing. Valuations imply enormous growth and profits ahead. There has been heavy borrowing to fund massive capital expenditures. And the entanglement of partnerships and investments between AI-related companies may pose systematic risk. Vigilance is warranted.
Allocating Defensively and Effectively: Canada and Value
October 2025
Investors today face a rapidly changing geopolitical environment, compounded with waves of speculative retail enthusiasm. Given the uncertainty in today’s market, we believe both defensive value and the relatively inexpensive Canadian and international markets are well positioned to perform in the coming years.
The Limitations of Categorizing Stocks into Growth and Value Buckets
July 2025
The practice of dividing stocks into rigid "growth" and "value" categories, or buckets as they are often referred, has become somewhat commonplace in today's investment landscape. Unfortunately, this binary classification system is far from perfect and can create significant limitations as it relates to portfolio construction.
When Uncertainty Leads to Opportunity
April 2025
As the saying goes, “may you live in interesting times”, well from an investor’s point of view the past five years, nothing could be closer to the truth. Investors have witnessed some of the fastest moving market conditions with immense uncertainty and market volatility. The question at Sionna is why is this positive for Canada and specifically how could this benefit our portfolios?
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