(Disclosure: The views presented here are solely my own and do not necessarily reflect the views of my employer, past or present. All works sourced are included in the links embedded.) There was an excellent speech given by the CIO of Burgundy earlier this summer titled, “Confessions of a Buffetteer.” I had not heard this […]

We recently sent out my last article on the Problems with Passive InvestmentĀ to our Investors of Tomorrow subscriber base and we received an extremely detailed response back. Jimmy (he wishes to remain anonymous) made some very strong arguments and we went back and forth a couple times over email. We both agreed that the debate […]

As someone who fell in love with the idea of trying to “beat the market” at a very young age, I find myself constantly on the defensive when reading about the failures of active money management. The following is an example of an oft-quoted statistic: “…in a random 12-month period, about 60 percent of mutual […]

To anyone who has read Jack Schwager’s Market Wizards and/or seen the documentary Trader, you’ll know that Paul Tudor Jones (PTJ) is a fairly legendary trader. When he breaks down his strategy, however, you begin to see that he internalizes trades much in the same way a value investor does. He talks a lot about […]

It has been incredibly hard to find inexpensive compounding machines these days – 9 times out of 10 all the quality firms are being given 20x multiples, and the 1 out of 10 with a reasonable mid-teens multiple is usually plagued by either declining top-line growth or other meaningful concerns (usually competitive threat of new […]

Currently long Difference Capital (TSX: DCF), full position. The thesis: Great management of a unique business (Canadian merchant bank, advisor but primarily investor). Flexible but usually buys convertible debt, 10%-40% stakes in late-stage (pre-IPO) tech companies, usually charges 10%. Management owns 40% of the common, Wekerle (“Wek”) owns over a quarter of it and is […]

Below are the final results for 2012 and 2013 as well as a link to an article with the picks for 2014. 2012: Top 5 = 23.31% vs. S&P 500 = 13.41% 2013: Top 5 = 43.47% vs. S&P 500 = 25.23% If you had invested $100,000 this translates to an outperformance of $34,889.51 gross […]

Follow

Get every new post delivered to your Inbox.

Join 443 other followers