Steadyhand Podcasts

In this podcast, I expand on my latest Globe and Mail column, where I identify three reasons why investors should be looking beyond the doom and gloom: (1) stock and corporate bond valuations are very attractive, (2) investor sentiment is close to maximum bearishness, and (3) there’s a mound of cash building up on the sidelines.  Investors need to put some perspective on the dire headlines.  At some point, stocks and corporate bonds stop going down on negative news.  They begin to look forward to better times ahead.  It’s time to start preparing for the other side of the valley. Listen now (the file may take a minute or two to download).

2008 was an ugly year in the capital markets.  In particular, heavy losses were experienced in the fourth quarter, as widespread de-leveraging and indiscriminate selling took place.  Yet, every major market decline presents opportunities and investors should ensure their portfolios are well positioned for the 'other side of the valley'. In this podcast, we review the fourth quarter and provide our thoughts on the markets going forward. Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.

In this podcast, Tom chats with Wil Wutherich, the manager of the Small-Cap Fund, about the fund's performance in 2008, the current opportunities in the market, and some of the fund's larger holdings. Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS. 

In this podcast, we discuss Warren Buffett's recently published annual letter to the shareholders of Berkshire Hathaway. We posted a series of blogs last week on Buffett's recap of Berkshire's operations in 2008, and Tom's Globe and Mail column on the weekend highlighted some of the valuable perspectives and insights that make the letter unique. In this, our last posting on the topic (we promise), Tom explains what draws him to Buffett and why he commends his calmness, candidness and common sense approach toward investing. He also expands on Buffett's view that the investment world has gone from underpricing risk to overpricing it, among other observations. Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.

Edinburgh Partners' Christine Montgomery was in town last week to present on the Global Equity Fund.  Tom also had a chance to sit down with her to discuss the fund's performance and some of the investment strategies that our Scottish partners are pursuing. Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.

In this podcast, we review the second quarter of 2008 and touch on some highlights from our recently published Quarterly Report (available on the Forms & Documents page). Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.

The third quarter of 2008 was an extraordinarily volatile period in the equity markets.  In this podcast, we review the quarter and touch on some highlights from our Quarterly Report, which we will be publishing next week.  Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.

By Scott Ronalds Many studies on active vs. passive management draw the conclusion that the latter strategy (more commonly known as ‘indexing’) is superior because it generates higher returns. Notwithstanding the ‘sloppiness’ of some of these comparisons, it is true that many active managers underperform their benchmark. But it doesn’t have to be this way. Most active managers aren’t given a fighting chance. They are burdened by impediments such as high fees, tight constraints and a focus on short-term performance. When these issues are addressed, it’s a different ball game. In this podcast, Tom expands on the active vs. passive debate. In doing so, he sheds some light on his Globe and Mail article from last weekend, and points to a recent piece on the topic published by Morningstar. Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.

By Scott Ronalds Stock markets have rebounded 25-35% since the lows reached in March.  Feeling uneasy about the recent bounce?  In this podcast, Tom expands on his recent Globe and Mail column and provides some advice to investors who are unsure what to do at this point. Listen now or subscribe to our podcasts via iTunes or RSS.

By Scott Ronalds Christine Montgomery from Edinburgh Partners, the manager of our Global Equity Fund, has been traveling in North America this week meeting with companies (research) and clients (hand-holding). We dragged her out of the San Francisco fog and welcomed her to our sunny (partly) headquarters yesterday, where we reviewed the portfolio and talked shop. In the attached podcast, Tom and Christine discuss a number of issues, including: The recovery in the global equity markets The on-going shift in the portfolio from defense to offense – health care, telecom and cash positions have been reduced, while exposure to cyclically exposed growth businesses and emerging market stocks has been increased The fund’s exposure to Asia and the types of companies that represent compelling investments in the region The attributes that Edinburgh Partners looks for in technology stocks, which have seen their weight in the portfolio double over the past year, from 13% to 26%

By Scott Ronalds In this podcast, Tom expands on his latest Globe and Mail column, which focuses on the traits that he looks for in a money manager.  More specifically, he highlights two things that he watches for and studies very intently: 1) the temperament of the manager, and 2) their investment process (is it repeatable and does it stand up in times of stress?). Listen now or subscribe to our podcasts via iTunes or RSS.

By Scott Ronalds In this podcast, Tom and I review the third quarter of 2009. It was another strong period for equities. U.S. stocks posted their best quarter in a decade, while the TSX and many overseas markets turned in double-digit returns. A rising loonie negatively impacted foreign returns (for Canadian investors), but overall, it was a bright summer for equity investors.  Fixed income investors also had much to cheer about, as improving liquidity conditions and sentiment led to further declines in corporate bond yields. Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.

By Scott Ronalds Tom recently sat down with Larry Lunn, the Chairman and founder of Connor, Clark & Lunn (CC&L), to talk shop. At the front end of the podcast, Larry discusses where we are in the economic recovery and his view on [the hot topic of] inflation. He then addresses some of the strategies that CC&L is pursuing in the Income Fund, and where they are seeing the best value in the bond market. And we’d be remiss if we didn’t close the podcast by asking the veteran money manager where he sees returns headed over the next 5 or so years, given the extraordinary circumstances we’ve been through over the past 12 months. If you’ve got 20 minutes to spare, there’s a lot of wisdom to take away. If you’d rather tune in by topic, here’s a breakdown of the conversation: 0 – 2:40.  Introduction. 2:40 – 5:12.  Where we are in the economic recovery. 5:12 – 8:35.  Inflation. 8:35 – 11:35.  Strategies in the Income Fund that have paid off recently. 11:35 – 13:10

By Scott Ronalds If you’re an income investor, T-Bills and GICs aren’t helping you much these days. And the prospects for government bonds are nothing to get excited about. In order to achieve a more desirable return, you may find yourself reaching for yield, or moving up the risk scale. While this isn’t necessarily a bad thing, it should be done in a conscious and appropriate way. In this podcast, Tom expands on some of the advice he proposed in his latest Globe and Mail article. He also discusses the outlook and opportunities in our Income Fund. Download, subscribe via iTunes or RSS, or listen now:

By Scott Ronalds Don Cranston, one of the founding partners of CGOV Asset Management (the manager of our Equity Fund) was in town last week enjoying some of our rain. We put Don in front of the microphone and asked him a few of the questions that are at the top of investors’ minds these days: How and why does CGOV incorporate foreign holdings into the fund? What were some of the disappointments in the portfolio last year? How is the fund currently positioned? And, as is customary with a visit from one of our managers, we closed with some rapid fire questions to get to know the real Don Cranston. Evidently, he’s not a fan of synchronized swimming. Download, subscribe via iTunes or RSS, or listen now:

By Scott Ronalds Toward the end of every quarter, we get on the phone with each of our fund managers and review their portfolios (our funds). This is a formal process that we go through with CC&L (the manager of our Savings Fund and Income Fund), CGOV (Equity Fund), Edinburgh Partners (Global Equity Fund) and Wutherich & Company (Small-Cap Equity Fund). In this podcast, we take you 'behind the scenes' by highlighting some of the issues and topics that we discuss in these sessions, using our recent call with CGOV as an example. Download, subscribe via iTunes or RSS, or listen now:

By Scott Ronalds Wil Wutherich, the manager of our Small-Cap Fund, was in town last week on a research trip. We snagged a morning of his time to review the fund and get some further insights on some of the stocks in the portfolio. Download, subscribe via iTunes or RSS, or listen now:

By Scott Ronalds Tom met with Edinburgh Partners Limited (EPL) on their home turf last week for an annual update on their firm and global equity portfolio. It was also an opportune time to discuss some of the issues currently impacting Europe and get the CEO’s (Sandy Nairn) thoughts on the debt crisis that is overhanging Greece. A little jet-lagged and with a hint of an accent, Tom highlights some takeaways from his visit in this podcast, which is a supplementary posting to a blog on the same topic. Download, subscribe via iTunes or RSS, or listen now.

By Scott Ronalds The second quarter of 2010 was a challenging period for equity markets, as investors focused on the European debt problems and the sustainability of the global economic recovery. In this podcast, we review these issues and highlight some of the key messages from our Quarterly Report. Download, subscribe via iTunes or RSS, or listen now:

By Scott Ronalds 2010 was a good year for both stocks and bonds. Resource-focused and small-cap stocks saw sharp gains, and both the Canadian and U.S. markets turned in double-digit returns. European stocks struggled in comparison, however, due to the well-publicized headwinds in the region (i.e., debt problems). Bonds were once again popular, as investors were willing to pay a premium for safety and income, although their shine began to fade late in the year as interest rates began to rise. Our clients with a balanced asset mix experienced returns in the 9-10% range for the year, depending on their mix. In this podcast, we review the performance of our funds and highlight some of the key messages from our Quarterly Report. Download, subscribe via iTunes or RSS, or listen now: