Blog: Cutting Through the Noise
Globe and Mail Articles
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
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
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 Long and Short of Real Estate Investing
Excerpt from Tom Bradley's blog on June 12, 2010
We’re starting to see stories about a softening real estate market in Canada. Listings are up, sales are down, and even the always bullish industry executives are predicting lower prices in the coming year. It reminded me of a quote I saw recently: “Real is...Read More
Avoiding Benchmark-oriented Mediocrity
Excerpt from Tom Bradley's blog on May 29, 2010
I’m just back from a few days in Scotland. Sightseeing, golf and a meeting with one of our equity managers was the order of the day. For the golf, I stuck to convention and kept track of my pars, bogies and, unfortunately, the “others.” For my meeting with...Read More
In Times of Crisis, Approximation Beats Perfection
Excerpt from Tom Bradley's blog on May 16, 2010
As we ride the market volatility caused by Europe’s economic turmoil, I can’t help but think back to Oct. 19, 1987, a date that will forever be imprinted in my memory. Black Monday saw the Dow drop 23 per cent, while the TSX was down 11 per cent...Read More
The Secret Behind Succession Plans and Stock Picks
Excerpt from Tom Bradley's blog on May 2, 2010
Burgundy Asset Management sent a letter to its clients this week announcing changes to its management structure. Two years from now CEO Tony Arrell will step down and hand the reins over to the current Chief Investment Officer, Richard Rooney...Read More
ETF Providers Have Cluttered a Pristine Landscape
Excerpt from Tom Bradley's blog on April 17, 2010
Four years ago my business partner Neil Jensen and I were sitting on Kits Beach contemplating a new mutual fund company. As we looked out at the competitive horizon, we could see a wave coming at us. It was called ETFs (exchange-traded funds), and...Read More
It's Not a Question of Whether to Invest - But How
Excerpt from Tom Bradley's blog on April 4, 2010
"Tom, is now a good time to invest?" When I get that question at a party or reception, I freeze up. It's weird because I'm reasonably competent at social banter, especially when I have a cocktail in my hand, and I certainly have views on these kind of things. But I...Read More
Dear Bank Directors: Bask in Glory...or Look to Growth
Excerpt from Tom Bradley's blog on March 21, 2010
There are more than a few money managers who, as large shareholders of the Canadian banks, harbour a secret desire to have a seat at the boardroom table. They've studied these institutions for years and feel they have something to offer. But in reality...Read More
Caisse a Lesson in Liquidity Woes
Excerpt from Tom Bradley's blog on March 8, 2010
With very few exceptions, the investment managers who did poorly when markets were melting down bounced back with a solid return last year. What didn't work in 2008 worked well in 2009. That wasn't the case, however, for one of Canada's highest...Read More
Taking Calculated Risks Can Win the Gold Medal
Excerpt from Tom Bradley's blog on February 20, 2010
Watching the Olympics, the notion of risk is very clear. Athletes need to push it to the limit in order to get to that top spot on the podium. But to obtain the advantage, they risk missing a gate, catching an edge or taking an untimely penalty. They may...Read More
