top of page

Research Driven

Investment Process

Our Investment Process

Discipline is a key aspect of our investment process. 

Research and Analysis   Having discipline means we undertake intensive research about a company and industry before investing.  We perform in-depth analysis of businesses, their management teams, and the valuation of their securities.  Having discipline means staying focused on companies, not popular sentiment, or economic forecasts – which are usually unreliable. 

Quality Businesses   We look for economically sound businesses with sustainable competitive advantages.  We seek simple companies with consistent track records.  We want profitable, growing companies that generate high cash flows.  We seek management teams with a long-term focus and strong culture.


Opportunistic Value Investors   Having discipline means not only buying quality businesses, but only doing so when they are selling at attractive prices.  When opportunities arise, we have the knowledge, confidence, and temperament to invest quickly. 

Fixed Income   When appropriate, we complement our investments in common stocks with the direct ownership of fixed income securities such as corporate bonds, government bonds, and mortgage securities.  We also consider quality Canadian preferred shares, which can receive favourable tax treatment.  

Risk Management   We manage risk through appropriate asset allocation, diversification, continuous portfolio supervision, and a focus on limiting downside during security selection.  Having discipline involves remaining patient when things are not going our way, but also having an open mind, continuously reassessing, and selling stocks that no longer meet our strict criteria. 

Low Turnover   Once we find investments we like, we often tend to hold them for long periods of time.  This results in low portfolio turnover, which can boost client returns through lower transaction costs and deferring the realization of taxable capital gains. 

Concentrated but Diversified   We like to own shares in approximately 30-40 companies, diversified by industry and geography. 

Absolute Returns over Relative Performance   We prefer to aim for high absolute returns over the long term, rather than obsess over short-term comparisons to indices and other investors.  We believe this attitude combined with our investment approach will lead us to outperform markets over time.

bottom of page