For the past couple of years, I’ve been seeing the same headlines over and over, predicting the end of brick and mortar retail. The rationale is that Amazon will continue to expand its offering lineup and wipe out entire sectors shortly after it enters their space.
We’re frequently asked for our thoughts on the market or for an outlook. I can make some general statements, but do not make investments based on macro calls and I feel it’s potentially dangerous to apply any broad market statements to everything out there.
If you were to look at the annual lists of the wealthiest people in Canada, focusing on those who got there through their own efforts rather than inheritance, you may find a few key similarities among the wealthiest.
At the end of 2015, the market was trading close to full valuation making it difficult for us to find new investment opportunities at attractive prices. The steep sell-off in early 2016, however, has provided us with opportunities to capitalize on the downturn.
Comments Off on Price is what you pay, value is what you get
September will mark my 14-year anniversary on Trimark Global Endeavour Fund. It’s a big part of my life and I am always happy to talk about the many ways the portfolio Erin Greenfield and I manage is different from other global funds on the market – and, more importantly, why the differences matter.
Most global equity funds in Canada own up to 100 large-size companies, and often more. If you managed this many companies at the same time, how likely is it you’d know each business very well?
Comments Off on Long-term wealth doesn’t happen overnightPortfolio turnover in the Trimark funds I manage tends to be very low. Why? We focus on a select group of companies that dominate their respective industries. And then we wait patiently for an attractive price and give them a strong weighting in the portfolio.
Comments Off on Morningstar interview: My Darwinist approach to investingIn past posts, I’ve written about my investing vision and the approach that Erin Greenfield and I take on the funds we manage, but advisors and investors I meet tend to ask about specific companies in the fund.
If I had to pick three words to describe the investing vision Erin and I have for our funds, I’d go with opportunistic, concentrated and eclectic. Here’s why:
When investors or advisors ask Erin and I to explain the rationale behind our investing style, I point to the super-rich.
Comments Off on Lessons from the super-richThe three-year performance of Trimark Global Endeavour Fund (as at March 31, 2012) was 26.29% compared with 11.36% for the MSCI World Mid Cap Index, the benchmark for the fund.
