Blog: Cutting Through the Noise
Industry News + Views
145 and Counting
Excerpt from Tom Bradley's blog on April 19, 2011
On the plane yesterday I was scanning the list of Canadian exchange-traded funds (ETFs). There were 145 funds on the list from four providers (BMO, Claymore, BlackRock and Horizons BetaPro). I know the numbers are higher now because I...Read More
Mortgaging Who's Future?
Excerpt from Tom Bradley's blog on April 7, 2011
Irony n. incongruity between what might be expected and what actually occurs. My brother-in-law and I have an on-going banter going over the usage, or should I say incorrect usage, of the word irony (I lose regularly). Waking up this morning to an...Read More
It's Gross
Excerpt from Tom Bradley's blog on April 4, 2011
As managing director of a firm that manages US$1.2 trillion, Bill Gross’ words carry a lot of weight. Indeed, we blog on his writings often. In his April letter, he closes with a tight and powerful summary: “I am confident that this country [U.S.] will default on...Read More
The Price of Popularity
Excerpt from Tom Bradley's blog on March 31, 2011
There was an article in yesterday’s Globe on closed-end bullion funds that are trading at a premium to their underlying value. Unlike mutual funds, closed-end funds have a fixed number of units available (in the short term at least) and trade on the market like...Read More
Budget Deficits in Good Times ... Yikes!
Excerpt from Tom Bradley's blog on March 21, 2011
When I was a stock analyst at Richardson Greenshields in the 1980’s, I was forced to spend more time analyzing the Federal Budget than I ever wanted to. Everyone in the research team had to determine how the Finance Minister’s words would affect the...Read More
The Japan Earthquake
Excerpt from Scott Ronalds's blog on March 11, 2011
As we watch the horrific destruction in Japan, we are well aware that our Global Equity Fund owns a number of businesses in that country. Roughly 20% of the fund is invested in Japanese stocks. At this time, we don’t have any information or insight to pass...Read More
If You Don't Believe Me...
Excerpt from Tom Bradley's blog on March 10, 2011
Subsequent to posting my last blog (Hocus Pocus but no Magic), I came across some weighty comments that relate to the topic of fancy, highly-marketed investment products. In his latest piece, James Montier of U.S.-based GMO says, “If something seems too...Read More
Hocus Pocus but no Magic
Excerpt from Tom Bradley's blog on March 7, 2011
I just read an article by Jade Hemeon in the February issue of Investment Executive, a trade magazine aimed at financial advisors. The piece was on a new product called BMO Lifetime Cash Flow. My experience with the article went something like this...Read More
Buffett Unconstrained
Excerpt from Scott Ronalds's blog on March 1, 2011
Tom discussed Longleaf Partners’ annual letter to shareholders in a blog posting yesterday. Today, the grand-daddy of all shareholder letters is in the news – Warren Buffett’s. I’m beating Tom to the punch for a synopsis, as his posts in previous years...Read More
Longleaf Partners - Quality Defined
Excerpt from Tom Bradley's blog on February 28, 2011
While plowing through my research pile, I had the pleasure of reading the year-end report of the U.S.-based Longleaf Partners Funds. I’ve followed Longleaf, which is an extension of Southeastern Asset Management, for more than a decade and long...Read More
Just Tell Me How Much
Excerpt from Tom Bradley's blog on February 21, 2011
A recent Angus Reid poll confirms what we have believed for a long time - many investors don’t know what they’re paying for their investment services (Steadyhand clients notwithstanding). The December 2010 poll revealed that 45% of respondents...Read More
14,000
Excerpt from Tom Bradley's blog on February 17, 2011
A reporter called yesterday wanting to talk about the S&P/TSX Composite Index breaking through 14,000. He wanted to know my thoughts on the market’s rapid rise from the low of March, 2009 – what had taken 5 years to accomplish in the prior run-up, took just...Read More
