Blog: Cutting Through the Noise
Postings
Something Stincs
Excerpt from Scott Ronalds's blog on July 26, 2010
The latest acronym in the investment world smells a little funny. The STINC countries (Singapore, Thailand, Turkey, Indonesia and Chile) are meant to represent export-oriented nations that have shown good fiscal restraint and infrastructure investment...Read More
Making a Go of it, Despite the Doom and Gloom
Excerpt from Tom Bradley's blog on July 24, 2010
In my quarterly letter to clients I used the word “discouraged” to describe investor sentiment. In the few days since we published it, however, I’m starting to think a better word is “despair.” Too regularly I’m being asked whether it’s time to get out of the...Read More
Summer Reruns - Part III
Excerpt from Scott Ronalds's blog on July 20, 2010
In this week’s rerun, we revisit the asset backed commercial paper (ABCP) debacle as a reminder of a key lesson in investing – if you don’t understand what you’re getting into, don’t buy it. Purdy, what were you thinking? Didn't you know how complex and...Read More
Podcast: Second Quarter Review
Excerpt from Scott Ronalds's blog on July 15, 2010
The second quarter of 2010 was a challenging period for equity markets, as investors focused on the European debt problems and the sustainability of the global economic recovery. In this podcast, we review these issues and highlight some of the key messages from our Quarterly Report. You can subscribe to our podcasts via iTunes...
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Summer Reruns – Part II
Posted on July 13, 2010
In this week’s rerun, we travel back to May 2008 for a brief look at the negative sentiment and opportunities in the corporate bond market at the time. As it turns out, the soil was fertile indeed. The managers of our funds report to us formally...Read More
When Browsing for Bargains, Beware the Value Trap
Excerpt from Tom Bradley's blog on July 10, 2010
I’ve had a bias to owning higher quality companies since 2007. In a challenging economy with unpredictable credit markets, it seemed reasonable to pay a premium for stable profits, excess cash flow and strong balance sheets. I knew the companies...Read More
The Back Hand – The Heat Is On
Excerpt from Tom Bradley's blog on July 9, 2010
Below are some observations and musings on the week that was – a recent feature that we’ve aptly coined The Back Hand. The Next Wall Street? – I’m desperately trying to come up with an investing analogy for the LeBron James signing with the Miami HeatRead More
Management Fee Deductibility - Clearing the Air
Excerpt from Scott Ronalds's blog on July 8, 2010
In our discussions with investors, we’ve found there are a few misconceptions surrounding the deductibility of investment management fees. The most common misunderstanding is that mutual fund investors are at a disadvantage (from a tax...Read More
Summer Reruns - Part I
Excerpt from Scott Ronalds's blog on July 6, 2010
Who doesn’t love summer? Sunshine, BBQs, lounging, water sports...it’s all good. And then of course, there’s the other summer ritual – reruns. We thought we’d build on the tradition by re-publishing a blog each week from the Steadyhand archives. For our...Read More
Morningstar Research Doesn't Get Respect it Deserves
Excerpt from Tom Bradley's blog on June 27, 2010
There has never been more investment information available to investors, so it’s frustrating to see the release of the Morningstar Stewardship Grades, the most useful piece of research to come out in decades, slide by with little or no coverage from...Read More
The Back Hand - Shaking it Up
Excerpt from Scott Ronalds's blog on June 25, 2010
Below are some observations and musings on the week that was – a new feature that we’ve aptly coined The Back Hand. The world’s eyes are on Toronto this week as the G20 Summit nears. While the thought of a weekend of politics and bureaucracy...Read More
Massively in the Middle
Excerpt from Scott Ronalds's blog on June 24, 2010
In his latest interview with Independent Investor (a U.K. publication), Sandy Nairn, the CEO of Edinburgh Partners (the manager of our Global Equity Fund), provided his views on the global economy and capital markets. After being cautious in late 2007...Read More
