Live From the Desk

The Six-Foot-Tall Man, Vertex Arbitrage Fund/Plus

Wall Street legend Howard Marks has an often quoted adage: “Never forget the six-foot-tall man who drowned crossing the stream that was five feet deep on average.“ Its moral is that investing success requires not just surviving on average – the key is surviving the lowest points. The merger arbitrage market has recently gone through a …

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A Tale of Two Stories, Vertex Value Fund & Vertex Managed Value Portfolio

Blackbird Energy (TSX-V:BBI): A Top Value Holding One of our favourite CEOs, Garth Braun of Blackbird Energy, just published an update to shareholders about the tremendous growth of his company and his views on a national energy policy (or lack thereof), and its downstream effects. We know Garth really well. We know Blackbird really well. …

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It’s all about Rates… right? Vertex Enhanced Income Fund

Can the economy and market adapt to higher rates? Positioning a credit fund to succeed under rising rates. It’s easy to get caught up in the current movement of selling everything income related and moving into equities, as we’ve seen over the last few months. There’s an element of FOMO (fear of missing out) and …

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The Blindside of Moneyball Vertex Arbitrage Fund Plus

Michael Lewis is a legendary financial journalist, but he has also written many non-financial books. In The Blind Side: Evolution of a Game (you know, that Sandra Bullock movie), he wrote about how football evolved to have specialty players to protect the quarterback’s vulnerable “blind side” as he throws. In merger arbitrage we also talk …

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February Investor Update

IN THIS EDITION Interest rates break a 30-year trend line, causing a Brexit-like selloff. Who loses in a higher-rate environment and who wins. US Treasury Secretary suggests reversing 25 years of staunch “strong dollar” policy. Setting the table for an environment of rising rates and a weakening dollar. Our 3-pronged approach in the Vertex Fund & Vertex Growth …

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