2014


The Ever-Depressing SPIVA: 2014 Mid-Year

The Mid-year S&P Dow Jones Indices SPIVA Canada Scorecard is out, and it’s everything that we’ve come to expect from the discretionary stock-picking world. But this time was unique even by our standards in that, for the first time in memory, not a single Canadian Dividend & Income equity fund outperformed it’s benchmark over the last 5 years. Not […]

Why Monkeys Hate Losing Grapes and You Hate Losing Money

In our lives, we believe it reasonable to endeavor to make better decision than monkeys.  This isn’t as easy as it sounds. In a famous experiment popularized by the the 2009 book SuperFreakonomics, Dr. Keith Chen conditioned Capuchin monkeys to understand the utility of money to purchase treats.1   It was compelling enough that the monkeys showed demand […]

Don’t Invest in What You Know

It’s common market wisdom that non-professional investors should “invest in what you know.” This makes intuitive sense, since we obviously have an informational edge in sectors that we work in. Furthermore, it’s scary and requires extra effort to investigate areas of the market in which we have no experience. Imagine, for example, a lawyer who […]

How to Waste a Ton of Time on Unimportant Decisions, Part 2

Wasting time is the bane of our existence.  We’re not talking about laziness or procrastination; that’s a completely different thing.  What we’re talking about is Fredkin’s Paradox and the human condition that requires decisions be “informed” even in circumstances where: Information is difficult to acquire or analyze, and The marginal consequences of one decision versus another […]