Feb 19, 2021The Tailwinds to Many of Pender’s Equity Strategies are SecularPender’s equity funds have been performing strongly of late. We believe there are some commonalities to our strategies which relate to the “forward thinking” part of our company slogan. We don’t own Enbridge… Or TransCanada Pipeline… Or Barrick Gold… In general, many Canadians have overexposure to the past and not…Penderfund3 min read
Jul 21, 2020Felix Narhi’s Summer Reading ListPenderFund’s CIO Shares his Book Recommendations — BUILDING A BUSINESS The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time, Jim McKelvey This book was written by Jim McKelvey, the less well known cofounder of Square (NYSE:SQ). Jack Dorsey, who is also the founder of Twitter (NYSE:TWTR), is the more famous cofounder. I initially picked this up…Reading5 min read
Jul 21, 2020Pender’s Summer Holiday Reading List –Macro FactorsRead Books About Macro Factors Recommended by the PenderFund Investment Team — Kenndal McArdle Owning the Earth: The Transforming History of Land Ownership, Andro Linklater This is a simple title and concept: “Owning the Earth”, but we do not often think about the massive effects the concept of land ownership has on the fabric of our society. In this book, Linklater lays…Reading6 min read
Jul 21, 2020Pender’s Summer Holiday Reading List — June 2020Book Recommendations from the PenderFund Investment Team — BUILDING A BUSINESS Felix Narhi The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time, Jim McKelvey This book was written by Jim McKelvey, the less well known cofounder of square (NYSE:SQ). Jack Dorsey, who is also the founder of Twitter (NYSE:TWTR), is the more famous cofounder. I initially picked…Reading16 min read
Apr 24, 2020A different kind of unexpected and an extraordinary downturnIn our December commentary, we offered our opinion that everything is still cyclical and investors should bet on the unexpected. Alas, we had a different kind of unexpected in mind. The shockingly fast spread of COVID-19 and economic fallout has shown how interlinked, fragile and unprepared the global community was…Covid 193 min read
Apr 16, 2020Investing During Uncertain Times: Assessing the Trinity of RiskAssessing the trinity of risk is a key pillar of Pender’s investment strategy at all times, but during a financial crisis, when the risks increase, it becomes more crucial than ever to double and triple check the level of catastrophic risk associated with every investment. Valuation Risk This is always…Covid 193 min read
Apr 8, 2020Investing During Uncertain Times: Positioning for the RecoveryHow the portfolio is positioned to capture potential gains We believe the world will be a very different place on the other side of the global health crisis and associated financial crisis. We know that markets are cyclical, and history can be a useful guide. But this crisis is unprecedented…Covid 194 min read
Apr 8, 2020Investing During Uncertain Times: What is Pender Doing?When the facts change, we change our minds The nature of most human activity is that the facts involved tend to change, but often not as abruptly, and rarely on such a wide scale as we are seeing today. That said, COVID-19 is unprecedented in the modern world. There has…Covid 195 min read
Jan 3, 2020Looking Back on the Last Decade and Forward to the Next“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” — George Soros In this commentary we cover: · Looking back at the last decade o Today’s record US bull market o Everything is (still) cyclical ·…Finance10 min read
