Steadyhand Podcasts

By Scott Ronalds "Japan has been bad for so long, it's largely ignored. Just to give you a flavour of that, we had the senior management of Sony in to see us and they told us we were their largest shareholder in Europe. And we're not a large company. It tells you the lack of interest in Japan."       - Dr. Sandy Nairn, CEO of Edinburgh Partners Limited  In this update, Tom and Sandy discuss some of the opportunities and dangers in the global markets (Sandy's firm manages our Global Fund). They touch on the outlook for the economy and how it impacts EPL's research efforts, their views on Asia, and the return expectations for the portfolio. Download, subscribe via iTunes or RSS, or watch now:

By Scott Ronalds Stock markets around the globe declined in the second quarter as investors focused on the ongoing debt saga in Europe. Bonds fared well as the yield on the Government of Canada benchmark 10-year bond dropped by roughly 0.4% and fell below 1.65% in early June to reach a new low (when yields fall, bond prices rise). Our funds held their ground for the most part and have provided strong downside protection during the heightened volatility of the past 18 months. As for asset mix (which is reflected in the Founders Fund), we modestly added to stocks (foreign in particular) and trimmed bonds in the quarter. Our managers feel there is good value in a number of stocks, particularly those that have growing exposure to the emerging markets. In this podcast we review the quarter in further detail and highlight some of the key takeaways from our Quarterly Report. Download, subscribe via iTunes or RSS, or listen now:

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. 

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.  Bank bonds and other areas of opportunity. 13:10 – 14:12.  Corporate bond exposure going forward. 14:12 – 15:15.  The U.S. high yield market. 15:15 – 17:25.  Strategy with respect to income-equities. 17:25 – 19:02.  Medium-term outlook for the markets and the Income Fund. Download (the file may take a minute or two to 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 Markets had a good quarter, with resource stocks rebounding. The Canadian market (S&P/TSX Composite Index) gained 7%, while the MSCI World Index rose 3% (in Canadian dollar terms). Japan was the laggard, as the market declined slightly. There were some positive developments in Europe regarding the region's debt problems, with the European Central Bank (ECB) stepping up efforts to tackle fiscal issues. Bonds also had a positive quarter, led by a strengthening in corporate and high yield bond prices. Our funds performed well in the quarter and have provided strong returns year-to-date. As for asset mix, which is reflected in the Founders Fund, we are maintaining a full allocation to stocks and a minimum weighting in government bonds. We also have a meaningful cash reserve in anticipation of more volatile markets ahead. In this podcast, we review the quarter in further detail and highlight some of the key takeaways from our Quarterly Report. Download, subscribe via iTunes or RSS, or listen now:

By Scott Ronalds It was a strong start to the year for stocks around the globe, with the MSCI World Index gaining 10% (in Canadian dollar terms). U.S. and Japanese stocks were among the top performers, while Canada was one of the weaker performing markets (up 3%) as a result of its heavy weighting in gold and mining stocks. Bonds also had a positive quarter, albeit a much more modest one, led by a strengthening in corporate and provincial bond prices. Our funds fared well in the quarter, with a tilt towards foreign stocks and corporate bonds being key factors. As for asset mix, we continue to recommend a full allocation to stocks (in relation to your long-term asset mix), a below-average position in bonds and a healthy cash weighting. As a reminder, this positioning is best reflected in the Founders Fund. In this podcast, we review the quarter in further detail and highlight some of the key takeaways from our Quarterly Report. Download, subscribe via iTunes or RSS, or listen now:

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 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 It was an active spring in the capital markets, characterized by a spike in volatility, a run-up in bond yields and a dive in gold and mining stocks. Canadian markets had a rough quarter: the bond market (DEX Universe Bond Index) fell 2.4% - its worst quarterly decline in nearly two decades - and the stock market (S&P/TSX Composite Index) lost 4.1%. Global markets fared better, on balance, with many Japanese and U.S. stocks posting strong gains. Our funds fared reasonably well in the quarter, all things considered. Although our Income Fund turned it its first quarterly loss in quite some time, our equity funds gained ground, led by our Global Fund, and are up nicely in 2013. In this podcast, we review how the volatility and higher bond yields impacted our funds and highlight some of the key takeaways from our Quarterly Report. Download, subscribe via iTunes or RSS, or listen now: