Insight

In hindsight, 2008 was a wonderful year for investors. The financial crisis had knocked share prices down on a wide range of publicly-traded companies and there were many opportunities to acquire high-quality businesses at bargain-basement prices. Of course, it was not a particularly comfortable time for those investors who had to sell shares at those

Structuring an investment portfolio for someone looking to achieve or maintain financial independence or other financial goals will generally be a two-stage exercise involving first, what kind of assets to hold and in what proportions and second, what specific assets to acquire. This quarter we will look at the first of these.   The primary

Legendary investor Howard Marks, Chairman of American investment firm Oaktree Capital has said: “If you don’t think you can hold a stock for five years, don’t even think about holding it for five minutes.”  Even more legendary investor Warren Buffett made a similar quote, only his time frames were ten years and ten minutes.  The

People often see the job of a portfolio manager to be finding good quality stocks that will increase in value over time.  It is not unreasonable that people would come to that view since much of the effort involved in managing your portfolio is doing just that.     We see our mandate more broadly however,

Pilots will tell you that it is nice to have a headwind when taking off or landing but most of the time a tailwind is preferred.  A headwind provides more lift for an aircraft’s wings but the greater air resistance slows the plane while cruising and increases fuel consumption. A tailwind produces the opposite effect.