Live From the Desk

Climbing the Debt Wall

We have written before about the US Central Bank and their zero interest rate policy (ZIRP). Admittedly, some of us favoured Richard Fisher’s (President of the Federal Reserve Bank of Dallas) philosophy that they should raise interest rates immediately so that companies will be more likely to initiate capital projects before interest rates rose too …

Read More

Back to the Future

BACK IN 2007 . . . The following is an excerpt from the Q4 2007 Vertex Managed Value Portfolio commentary: “Our investment style has never been to pick trading points. Our process involves finding value, then looking out five years to assess how our companies will perform over that interval. Over short periods there are …

Read More

Opportunity Knocks – Part 2

Part 2: What’s in a name? – Value is Growth We have received quite a few inquires about our Vertex Value Fund and how it has managed the out-performance it has over the last year (see below chart). Vertex Value Fund Class B: 1-year comparison to S&P/TSX Total Return Index There are many contributing factors …

Read More

Inflation: tick tock, tick tock…

There is an old story about the head of the US Patent Office sending his resignation to U.S. President McKinley urging the closing of the patent office because “everything that could be invented has been invented”. The story’s legitimacy is debatable but when we hear modern pundits declare that it could forever be the end …

Read More

Far From the Madding Crowd

Avoiding the Noise Occasionally the mute button can be an effective investment tool. Market and media clatter can be overwhelmingly loud, which can have the effect of inadvertently influencing ones decisions, many times, without improved results. The equity markets are especially noisy of late. For that reason, we have turned a deaf ear to much …

Read More