Below is our monthly commentary on topics covering the markets, the economy, and our investment approach. To receive an email notifying you when our blog is updated, fill out the form at the bottom of this page.

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Things are Getting Uglier in the Oil Patch

In February we discussed what, at that point in time, had been a recent occurrence: the collapsing price of crude oil. When we wrote that piece, we said that a rebound in pricing could occur “…six months from now, it could be a year from now, or it could be three years from now.” Well, […]


Why Cash is King When Selecting Investments

The financial press usually focuses on a limited number of financial metrics when quantifying the operations of a public company. Revenue, operating profit, and net income are some of the more common metrics. While all of these figures can add value when evaluating companies, they all suffer from the fact that they are numbers that […]


Why Bond Math Should not be Ignored

Hopefully the title of this blog post doesn’t induce any flashbacks to high school algebra lessons. We promise that our discussion of bond math will be more anecdotal than technical. Fixed income investments, more specifically bonds, seem to be pretty straight-forward on the surface. But when you dive into the numbers behind bond valuation, they […]


Canadian Economic Outlook – Where Could We Be Wrong?

The vast majority of our time in the office is spent forming opinions about individual securities. This involves collecting information from a wide variety of sources, some of it more valuable than others. But once we have solidified our initial view on a particular security, the work has not ended. We must continually refine our […]


Investing Like Ted Williams

Major North American indices have realized almost nonstop gains over the last six years (see the following chart). The tech-heavy Nasdaq has almost tripled while the TSX, the “laggard” of the group, is up over 50%. The result of these increasing market prices has been a sense of complacency, if not outright optimism among many […]


Infrastructure Bill could be a Boon to the U.S. Economy

America’s infrastructure, much of which was constructed during the boom periods following the Depression and the World War II, is in need of upgrades. Most politicians would agree that infrastructure investment is important since it both extends the life of existing structures and creates jobs. Republicans and Democrats alike have spoken about the importance of […]


Zero Interest Rate Policy – Coming to a Central Bank Near You?

Zero interest rate policy or “ZIRP” is a macroeconomic concept that describes a period of extremely low (or zero) nominal interest rates. It is often accompanied by poor economic growth and is used by a central bank in an attempt to devalue its country’s currency and stimulate economic growth and inflation. ZIRP may also be […]


Repercussions from the Oil Price Collapse

Over the five years spanning October 2009 to September 2014, the price for one barrel of West Texas Intermediate (“WTI”) crude oil averaged $92.04. Looking back even farther, over the ten year period ending in September 2014, the price for this same barrel of crude oil averaged $81.11. It is under that pricing environment that […]


Moats: Not Just for Keeping the Black Knight at Bay

As many equity indices just registered the sixth year of a bull market, we thought it would be a good time to reflect on one of the tools we like to use when conducting fundamental analysis on individual securities. It can be tempting to get caught up in bull markets like these, thinking that securities […]