Insights
These concise papers provide a detailed look at the factors that contribute to the investment decisions we make at Sionna.
Sticking to What Works
October 2013
After 30 years of falling interest rates, investors have become fixated on the potential impacts that rising rates and the end of quantitative easing will have on the economic recovery and the stock market. Today’s investing environment is unquestionably unique which explains the concerns.
No One Washes a Rented Car
July 2013
Warren Buffett has often addressed the issue of his acquisition criteria in the Berkshire Hathaway annual letter to shareholders.
Capital Allocation: A Sign of Management Savvy
April 2013
Sionna’s disciplined investment process focuses on the key qualities of a business: competitive advantages, financial strength, quality of management and valuation, among others. Examining quality of management can be difficult to do, because there are so many intangible aspects to it.
Catalyst – A Four Letter Word
January 2013
Sionna is always investigating areas of the market that are unloved and out of favour in search of great bargains. Individual companies, industries and even entire sectors can become inexpensive from time to time.
Shale Oil: Not So Crude?
October 2012
The last 12 months have witnessed price declines in a number of energy company stocks. While part of this attrition can be attributed to continued weakness in natural gas prices, that theme is not new, and has been a factor for a few years now.
Who's Afraid of the Stock Market? – Revisited
July 2012
In 2007, I wrote \"Who is Afraid of the Canadian Stock Market\" to suggest to investors that the then-current mania for non-domestic equity exposure was overdone. History suggested that during a sideways market, Canada was likely to be a relative outperformer. As history predicted, Canada has consistently performed in the top third of the 18 major markets every year since 2000.
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