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).

Steadyhand Podcasts

Podcast: Amid the Doom and Gloom, it's Time to Hatch a Strategy for Better Times

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.

Podcast: Fourth Quarter Review

 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. 

Podcast: Tom & Wil Discuss the Small-Cap Fund

 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. 

Podcast: Warren Buffett's 2008 Annual Letter

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.

Podcast: Global Equity Fund Update

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.

Podcast: Second Quarter Review

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.

Podcast: Third Quarter Review

 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:

Podcast: Going Full Circle on Yield

 By Scott Ronalds In this podcast, we review the first quarter of 2009 and discuss how our funds have fared in the current market environment. While it was another ugly quarter for equities in general, there were some bright spots, with some stocks posting strong gains.  On the fixed income side, the bond market continues to provide positive returns for investors, but with government bonds yielding under 3%, the best opportunities remain in the corporate sector. Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.  

Podcast: First Quarter Review

 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.

Podcast: Active vs. Passive Management

 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. 

Podcast: Uneasy About the Market Bounce?

 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% An update on the fund’s holdings in the financial sector Listen now (the file may take a minute or two to download), or subscribe to our podcasts via iTunes or RSS.

Podcast: Tom & Christine Discuss the Global Equity Fund

 In this podcast, Tom and Scott review the second quarter of 2009. The equity markets rebounded sharply in the quarter, with many stocks posting strong gains.  The corporate bond market also enjoyed a long-awaited recovery, as yields declined and the credit environment improved.  Our funds bounced back to varying degrees, with the Global and Income funds posting notable advances and the Small-Cap fund turning in a more modest gain.  Listen now (the file many take a minute or two to download), or subscribe to our podcasts via iTunes or RSS. 

 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. 

Podcast: Wrong for the Right Reasons

 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.

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Steadyhand Podcasts

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