Inflation around the world has been rising anew. Since interest rates bottomed out in the summer of 2020, no major developed market has been able to sustainably return inflation to 2% or less. With 10-year U.S. government bonds now rising above 4.5%, we thought it seemed timely to revisit a familiar chart...
Kim Shannon, CFA, MBA Founder and Co-CIO
Kim Shannon attended the Berkshire Hathaway Annual Meeting this year and was interviewed by CNBC where she discussed her thoughts on Berkshire's direction under new CEO, Greg Abel.
Kim Shannon joins Calgary Connects to discuss Sionna's approach to value investing and risk management within our process.
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.
Kim Shannon, CFA, MBA
Founder and Co-CIO
Our latest update from Portfolio Manager, Aleksy Wojcik, outlines key developments in the Iran/U.S./Israel conflict. In the piece, Aleksy discusses potential impacts on global shipping lanes, energy markets and broader commodity dynamics.
Sionna's Trader and Equity Research Analyst, Hunter Corcoran, provides an update on Dollar General, a holding in Sionna's High Conviction Strategy (Sionna Opportunities Fund).
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.
Portfolio Manager, Aleksy Wojcik, takes a closer look at Venezuela’s oil sector, focusing on crude quality, supply reliability and capital needs. He dives into how U.S. refineries have become more reliant on Canadian heavy oil due to long-term investments, while Venezuela faces some tough structural and investment hurdles that could limit any major shifts in its oil supply in the short term.