stocks

Key Messages from Burgundy’s Conference Call

Burgundy’s November conference call is becoming something of a pre-holiday tradition. This year’s call featured an update from Richard Rooney, our President and Chief Investment Officer, and comments from Chief Operating Officer Robert Sankey, and Chairman and Chief Executive Officer Tony Arrell. The call addressed a wide range of topics, but throughout, Richard, Rob and… Continue reading “Key Messages from Burgundy’s Conference Call”

KISS

Confucius wrote that life is really simple, but people insist on making it complicated. The investment business takes this truism to the extreme. What could be relatively simple is often twisted, layered, tranched, and repackaged in the name of new and exciting, where something dull and well-understood would suffice. And, the industry profits handsomely from… Continue reading “KISS”

Where Do Returns Come From?

Recently Burgundy’s Chief Investment Officer Richard Rooney stated in our annual client conference call that our equity return expectations for the markets over the next five years are 6-7%. This begs the question: where do return estimations come from? There are three main drivers of future equity returns: earnings multiple expansion, dividend yields and earnings… Continue reading “Where Do Returns Come From?”