“My Toronto CFA Society Final Board Meeting”This is a very brief Review of my recent three years in which I have been a member of the Toronto CFA Society Board. Plus I have sent a nice note to our Board Members at my last meeting on June 14th 2017. This Review covers my background, plus a brief note on two of my close friends (Sue Lemon and Pater Jarvis) on the Board, plus I list many of the senior people I have invited for speaking to our Society, then finally I have finalized with thanks and a farewell to our Society. Membership Required.
"Berkshire Hathaway 2017 Annual Meeting"This is our latest Review of Warren Buffett's recent Berkshire Hathaway May 6, 2017 Annual Meeting which long-time friend John Watson attended and was kind enough to send along the insights of his group. As we have done in past Reviews on this subject – from 2014, 2015, and 2016 - we will report on three areas: 1) Some of Warren Buffet`s notes on the Berkshire Hathaway Annual Meeting, 2) Observations from Omaha as written by John Watson's guests and consolidated by John. 3) Notes by Ontario Teacher`s regarding Berkshire Hathaway and Warren Buffet Citations and Abstracts. Membership Required.
"Portfolio Structuring and the Value of Forecasting"The following is a research brief edited by Jacques Lussier of IPSOL Capital and co-authored by five authors well-known in their respective field, which was published by the CFA Institute Research Foundation. Jacques Lussier has a PhD. and a CFA, and is the founder of a very good firm IPSOL CAPITAL– in 2012, which is a great investment manage, a factor based systematic asset manager. He was previously Chief Investment Strategist at Desjardins, before starting IPSOL and I have known him well as a Board Member of IPSOL. I also knew Jacques as we were both involved as members of our respective CFA Society. I greatly appreciate being a member of the IPSOL Board since 2013 and continue to enjoy. Membership Required.
"Private Equity Update"Following our two past Investor Literature "Private Equity" Reviews produced back in 2011(5) and 2014(2) we offer another one with some updates. Similar to those two which we sent earlier, this update includes three key issues: 1/ Comments on private equity over the past 10 or so years. 2/ A brief but significant point on how US private equity investments which are limited partnerships have US tax implications which have a significant impact on their private equity returns. 3/ Finally, as per past Reviews, a summary of Ontario Teachers' Pension Plan readings on the subject of private equity. I would like to thank a friend - Tom Kennedy– whom I know well. He has done a great job as a private equity manager for the Queen's Endowment, as I knew him during my six years on that Committee. Membership Required.
"Hedge Funds Update"In this 2016(12) Investor Lit Review we cover the great topic of "Value Investing", beginning with: 1/ Value vs. Growth historic returns, 2/ A Reference from a great value investor - Charles Brandes , 3/ Additional References from Ontario Teachers' on Value Investing, and 4/ A Summary of the new "Book of Value: The Fine Art of Investing Wisely". As always, we welcome our Subscribers to let us know of any comments and further questions should they wish. Membership Required.
"Oil and Gas Industry"Since late 2014, US oil prices have declined from over $100 a barrel back then to under $30 per barrel in early 2016 and have come back currently to about $52 US. We have written three Reviews on Energy since the 2014 decline, and now add a fourth on the Energy topic which makes up about 25% of the S&P/TSX weight. In this review we cover four topics, which cite several studies on future oil and gas prices: 1/ "The Oil and Gas Industry" which is a 120 page publication by the CFA Institute "Industry Guide". 2/ Three Oil and Gas Publications, by Alliance Bernstein, Energy Aspects, and RBC kindly provided by John Berry of Foyston Gordon Payne. 3/ Various Oil and Gas Articles from my own list of publications. And finally: 4/An Ontario Teachers' Pension Plan (OTPP) article on Energy – they have kindly provided some other readings to Investor Lit which send along with this Review. Membership Required.
"US Interest Rate Changes- Additional Article"This is an addition to our recent "US Interest Rate Changes" Review which we read recently and thought might be of great interest to our Subscribers. This additional review is very brief but we hope of interest to our Subcribers. Membership Required.
“Value Investing”In this 2016(12) Investor Lit Review we cover the great topic of “Value Investing”, beginning with: 1/ Value vs. Growth historic returns, 2/ A Reference from a great value investor - Charles Brandes , 3/ Additional References from Ontario Teachers’ on Value Investing, and 4/ A Summary of the new “Book of Value: The Fine Art of Investing Wisely". As always, we welcome our Subscribers to let us know of any comments and further questions should they wish. Membership Required.