Different Makes a Difference

The Odlum Brown Research Blog

  • Ignore the Market's Mood

    By Murray Leith CFA, Executive Vice President & Director, Investment Research
    Tuesday, February 13, 2018
    Sometimes the market’s mood turns foul without good reason. We think we are at one of those junctures, and believe that it would be a mistake to overreact to recent market gyrations.
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  • Thoughts on the Market Correction

    By Murray Leith CFA, Executive Vice President & Director, Investment Research
    Tuesday, February 06, 2018
    North American stock markets had a tough day, following a noteworthy decline on Friday. Overseas markets are following suit tonight. Unfortunately, corrections can sometimes be self-feeding in the short run as crowd sentiment shifts. Given that investor sentiment indicators were elevated following a long period of low volatility, we are bracing for the possibility of more downside before the market stabilizes. Nonetheless, we don’t believe there is reason to panic and alter investment plans. In our view, the latest market action is not the beginning of a bear market. Rather, we see the recent decline as a healthy and normal pull-back following an extraordinary run.
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  • The Malone Factor

    By Trevor Chang BBA, Research Associate
    Monday, January 08, 2018
    In our pursuit to invest in great companies run by excellent managers, we are constantly studying the track records of superior capital allocators and trying to understand how they’ve guided their companies through the times. Malone’s track record, in this regard, is among the very best - rivaling the likes of Warren Buffett.
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  • Show Me the Money

    By Fai Lee CGA, CFA, Equity Analyst
    Friday, December 01, 2017
    While discussing the merits of bitcoin, I was recently asked whether I would like to be paid in bitcoins or Canadian dollars. It’s a good question and brings into focus the unique characteristics of bitcoin and the role of money.
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  • Safety Matters

    By Stephen Boland CFA Equity Analyst
    Wednesday, October 11, 2017
    As investors, we like highly profitable companies and management teams that are focused on improving efficiency. A reasonable question is whether the pursuit of profits and efficiency may result in larger problems down the road, including major safety issues.
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  • Lessons From "God"

    By Fai Lee CGA, CFA, Equity Analyst
    Monday, August 21, 2017
    It’s not every day one learns about the demise of “God.” No, we’re not referring to a religious deity; we’re talking about Andy Hall, an oil trader recognized for his ability to successfully predict the direction of oil prices. While his career spans four decades, many people had never heard of Mr. Hall until the global financial crisis when Citigroup Inc. disclosed that he made $100 million trading oil in 2008. Given his trading success and background, Mr. Hall was nicknamed “God” of the oil markets.
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