Insights
These concise papers provide a detailed look at the factors that contribute to the investment decisions we make at Sionna.
It's more Cyclical than Secular
July 2018
Sionna believes market pricing is as much about human excess as it is about underlying security fundamentals. One feature of human weakness is that current market trends are often erroneously interpreted as the new secular normal. In reality, these trends are likely cyclical phenomena, which are so infrequent that present decision makers are unaware of their cyclical nature.
Don't be Fooled by the P/S
April 2018
It has never been easier to spread a message to the masses. Turn on the television and chances are you will find “facts” being scrutinized, so much so that consumers are willing to pay for high-quality, investigative journalism. Sionna is familiar with the investigative process as we have always felt the need to dig beneath the surface when looking for investment ideas. One topic we have been investigating recently is the robustness of the price-to-sales ratio (“P/S ratio”) as a tool to unearth investment ideas.
Practicing Differently
January 2018
The idea that practice improves performance is widely accepted, but it’s important to recognize that not just any practice enhances abilities. The act of doing the same thing over and over again may not necessarily lead to improvement beyond a certain point. Instead, a different type of practice, carried out over a sufficient period of time, is what can lead to improvement. So what, then, is the right sort of practice?
The Sweet Music of the Gritty
October 2017
Although we often attribute exceptional performance to innate talent, it is likely that passion, perseverance and just plain hard work is the true differentiator of exceptional performers. In our experience, these important attributes are commonly found when partnering with owner-operated businesses.
Unintended Consequences
July 2017
Sionna believes in the power of incentives. But what about unintended consequences like the cobra effect? By their very nature these situations are difficult to avoid since the outcomes are never intentional.
A Post-Truth World?
April 2017
With all of the recent media coverage regarding the current President of the United States, one wouldn’t be surprised by the following excerpt from a recent article in the New York Times President’s Misstatements Getting Less Attention
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