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 Challenges of a Volatile Market

January 2010

The Canadian equity market has demonstrated an exceptional degree of volatility over the past year and a half. At Sionna, we have tried to navigate the market turbulence by staying focused on our fundamental research process. Some of our decisions have proven to be successful, others have been less so.

Why is Sionna Market Weight Gold?

October 2009

It is commonly accepted wisdom that value managers tend to avoid gold stocks. Why? In general, gold stocks trade at multiples that are much higher than the market and conventional value stocks, and therefore are unattractive to investors that seek "value."

Value Thoughts to Ponder in the Midst of The Great Experiment

October 2009

The ongoing actions of global governments to sustain their financial markets are aptly being called "The Great Experiment." The current situation is unprecedented in financial history, thus we do not have the past as a guide for the future. So when a living legend like Warren Buffett dares to put forward a perspective on the world's predicament, we would have thought it would garner much attention and discussion.

The Case for Natural Gas

July 2009

At first glance, the current situation in natural gas markets appears grim. Gas prices are down more than 70% from their peaks and are trading at seven year lows. Demand for natural gas is declining with the global slowdown, and new supply is increasing from both unconventional players and from LNG (liquefied natural gas). So why is Sionna bullish on natural gas?

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