Burgundy Blog

Tough October

It was another tough October—famously the most difficult month of the year for the stock market. There once was a rational explanation for this phenomenon. In the old days, October was the month when the rural banks drained their deposits from the urban banks to pay the farmers for the harvest, which created seasonal credit… Continue reading “Tough October”

“Can You Get Hurt Jumping Out of a Basement Window?”

An Interview With Richard Rooney: Burgundy’s investing approach takes time and patience. And, perhaps most importantly, it takes some original thinking, intensive research, and a willingness to go anywhere in search of high-quality companies trading at reasonable prices. A case study that demonstrates how this approach has worked to our advantage can be found in… Continue reading ““Can You Get Hurt Jumping Out of a Basement Window?””

Marshmallows and the Cost of a Moat

The VIEW from BURGUNDY One of the most frequently mentioned research studies in the field of developmental psychology is the “marshmallow test”. Conducted in the late 1960s and early 1970s, the experiment considered how children’s ability to exercise delayed gratification would affect their success in life. The test was designed like this: children were offered… Continue reading “Marshmallows and the Cost of a Moat”

Deconstructing Quality, Part III

Our Deconstructing Quality series explores the three categories Burgundy assesses in our search for worthwhile companies. Part I looked into the business characteristics that help define a quality business.  Part II considered the financial attributes that make for attractive investments. In Part III, our final segment, we will investigate management assessment, the least quantifiable piece… Continue reading “Deconstructing Quality, Part III”

Lazy Fund Managers

When we started Burgundy 26 years ago we had some basic principles and values in mind. We would aim to make significant investments in well run businesses run by trustworthy, capable and honest management teams. We would work hard to deeply understand how these businesses worked and what the fundamental drivers were in order to… Continue reading “Lazy Fund Managers”