Fishing for Value

By | 2017-07-17T12:21:23+00:00 April 11th, 2017|Global Market Update|

Is investing like fishing? Photo: João Pacheco. Source: Picjumbo In 1653 Izaak Walton published “The Compleat Angler,” a short treatise on fishing. In this little book he explains that fishing is a pursuit that can never be truly mastered. When you go fishing, there’s always a new lure or a new location or some other shiny new toy to try out. “But he that hopes to be a good angler,” Walton continues, “must not only bring an inquiring, searching, observing wit, but he must [...]

The Compleat Investor

By | 2017-07-17T12:22:40+00:00 August 10th, 2015|Global Market Update|

Is investing an art or a science? Woodcut by Louis John Rhead. Source: Wikepedia In 1653 Izaak Walton published “The Compleat Angler,” a short book on fishing. In this little treatise he compares angling to mathematics – something that can never be fully learned. There’s always a new approach or a new location or some novel piece of equipment. “But he that hopes to be a good angler,” Walton continues, “must not only bring an inquiring, searching, observing wit, but he must bring a [...]

Fishing for Beginners

By | 2017-07-17T12:22:40+00:00 August 7th, 2015|Global Market Update|

What do you need to start fishing? Photo: Natureworks. Source: Morguefile Not much: just a hook, a line, and a body of water. And the desire to catch a fish. I remember my 5-year old cousin wiggling her drop-line away from the sunnies approaching her hook, saying “No no fishy, you’re too small.” She was so cute that the adults in the boat barely noticed we were drifting dangerously close to a dam. As our desires grow, our gear gets more complex. There are [...]

Angling and Other Anglers

By | 2017-07-17T12:22:41+00:00 August 5th, 2015|Global Market Update|

“The majority is never right.” – Henrik Ibsen, An Enemy of the People Photo: Francis Hannaway. Source: Wikipedia Have you ever been to a fishing tournament? At the starting time, dozens of boats roar off to their favorite fishing holes, which quickly become crowded. There are usually two winners: the one that pulls in the most weight and the one that catches the largest individual fish. In the US, there are over 30,000 fishing derbies every year. Watching a tournament can be fun. You [...]

Fishing for Value

By | 2017-07-17T12:22:41+00:00 August 4th, 2015|Global Market Update|

Finding valuable investments is a lot like finding a good place to fish. Photo: Volker Lekes. Source: Pixabay In both cases, you need to keep working at it. On its face, fishing is pretty simple: cast your lure out where the fish are biting and reel them in. In the same way, value investing is simple as well: find companies selling at a discount to their intrinsic value and buy them. A company selling below its intrinsic value offers investors a margin of safety. [...]

Fishing For Investments

By | 2017-07-17T12:22:41+00:00 August 3rd, 2015|Global Market Update|

Is investing like fishing? Photo: Trond Larsen. Source: Pixabay There are a lot of similarities. Both involve searching for something you can’t immediately see. Both require lots of patience. And both give you a deep sense of satisfaction when you’re successful. I grew up fishing. From before I could walk my parents would take me out in a launch. Some of our best family memories come from week-long fishing trips on the Canadian border—going out early in the morning, eating a shore lunch at [...]