Stock Market Shakeout: Big Investors now Shun the Growth-at-all-Costs Model (The Globe and Mail)
Kim Shannon offers thoughts on the market's collective mania.
published September 2019
published August 2019
posted in Media
The Race to Restore CI Financial’s Glory (The Globe and Mail)
Kim Shannon provides insight into why CI Financial is a value opportunity.
published July 2019
posted in Insights
What a Wicked (Investing) Game we Play
Financial markets can certainly be characterized as wicked environments. In investing, the rules of the game are always changing: competitive forces evolve, supply and demand dynamics shift, governing bodies turn over and macroeconomic variables swing.
published June 2019
posted in investment
Stephen Jenkins
Stephen joined Sionna in 2019 and is the Co-Chief Investment Officer. He is the co-lead Portfolio Manager for Sionna high conviction strategy and the lead portfolio manager for the firm’s global value strategy and focused U.S. value strategy. Stephen has more than 30 years of experience in both domestic and global equity markets. He began his career in 1990 as an analyst at Royal & Sun Alliance Insurance Company and was most recently Senior Portfolio Manager and Senior Vice President at CI Harbour Funds. Stephen currently sits on The Niagara Community Foundation's Investment Committee. Stephen is a graduate of Wilfrid Laurier University, where he earned an Honours Bachelor of Business Administration degree and is a CFA® charterholder.
published May 30, 2019
posted in Video
Warren Buffett Speaks at Inaugural Variant Perspectives Conference 2019
Kim Shannon, Laura Rittenhouse and Barbara Ann Bernard welcomed Warren Buffett at their female-led conference
published May 2019
posted in Media
Female-Led Fund Firms Account for Less Than 1% of Managed Money in Canada. Warren Buffett is Hoping to Help Change That (The Globe and Mail)
When Kim Shannon helped set up a female-led value investing conference in Omaha, Neb., it was a struggle just to get attention and secure sponsors. Then Warren Buffett showed up.
published May 2019
posted in Media
Kim Shannon on Meb Faber’s Podcast
Kim Shannon discusses why she believes the market reflects human nature as much as it does underlying fundamental value.
published April 2019
posted in Insights
Decentralization: A Tug of War
In assessing structures, Sionna has noticed that the decentralized business model stands out as an effective form of aligning incentives at the ground level while allowing an organization to grow efficiently. At its core, a decentralized business provides autonomy to several distinct units rather than centralizing all decisions at the top. However, while decentralization can be the start of a strong foundation, it doesn’t ensure success on its own.
published March 2019
posted in Soundbites
Might the Tech Lash Lead to a Tech Bust
We recently read “Unicorns, Cheshire Cats and the New Dilemmas of Entrepreneurial Finance?”, authored by Martin Kenny and John Zysman of the Berkeley Roundtable on the International Economy, with great relish. In the paper, the researchers actively challenge the belief that the continued growth and dominance of winner-take-all business models are inevitable.
published January 2019
posted in Insights
Is Price-to-Book Value Still Relevant?
Investors have historically used a variety of characteristics to measure the valuation of a stock. Price-to-book value is one such characteristic and has often been used as the line in the sand when distinguishing value investors from growth investors. As long-term value investors, we have leaned on this ratio (and others) as a measure of value for both individual stocks and the overall portfolio. More recently, however, there are suggestions that price-to-book value has evolved into a less robust metric.