Posted on October 20th, 2017 by Benjamin Klein

On October 9th, 2017, Richard Thaler, an economist at the University of Chicago, was awarded the Nobel Prize in Economics. Thaler is one of the founders of behavioural economics, having begun his study of the field even before Amos Tversky and Daniel Kahneman brought it into the mainstream. The three would later work extensively together […]

Posted on October 16th, 2017 by Barry Schwartz

  On March 4, 2015, I sent the following email to one of our research analysts: “Take a fast look at Korn/Ferry. High-end search firm. Just started a dividend. Has a massive cash balance. Ticker KFY”. So our analyst prepared a research report on Korn/Ferry. Barry was very intrigued by Korn/Ferry’s inexpensive valuation and its […]

Posted on September 22nd, 2017 by Ernest Wong

  Over the last year or so, we’ve been hearing about retail bankruptcies almost every month. The latest is Toys R Us, which filed for Chapter 11 bankruptcy* on Tuesday this week. This is the largest specialty retail bankruptcy in the history of the US and one I view with sadness. As a child, I […]

Posted on September 18th, 2017 by Barry Schwartz

  For the past four years or so, we have been hearing from various quarters, including US-based short- sellers, that the Canadian banks are in trouble. According to the popular narratives our banks are too expensive for the following reasons: 1. The Canadian housing market is vastly over-valued and in “bubble” territory in Toronto and […]

Posted on September 13th, 2017 by David Baskin

  Imagine the Federal Government floating a proposal to cut the pensions of all of its employees by 25%. Federal civil servants, it might say, have defined benefit pension plans which are now very rare in the private sector. Those pensions are mostly indexed to inflation, another feature now as scarce as four leaf clovers […]

Posted on September 5th, 2017 by Barry Schwartz

  This has been a lousy summer for equity investors. The TSX can’t get any traction, and the S&P has given up most of its gains since the beginning of June. To add insult to injury, the Canadian dollar has grown very strong, gaining about 10% against the US$ over the summer, cancelling out any […]