Not the Time to Sell
The View | December 2015
Suncor Energy Inc. (Suncor) announced a hostile offer to buy all of the outstanding shares of Canadian Oil Sands Limited (COS) on October 5, 2015. As the owner on behalf of our...
Ain’t Misbehavin’
The View | October 2015
Value investing is simple: buy stocks when they are trading for less than their intrinsic value. But simple doesn’t mean easy. There are many roadblocks standing in the way...
Stoicism and the Art of Portfolio Intervention
The View | February 2013
Warren Buffett and other successful quality/value investors have given us a capital compounding system that works. But few follow the program. In this issue of The View from Burgundy,...
An Investment Lesson from Warren Buffett
The View | April 2012
People often approach investments without first understanding what they are trying to achieve. Many end up with poor long-term returns and even more confused than when they started. Warren Buffett,...
The Most Valuable Option of All
The View | January 2011
Financial options were designed to help investors maximize upside exposure while limiting the downside. In this View from Burgundy, we look at how investments that closely resemble financial options c...
Reflections from the Funhouse
The View | May 2007
Top corporate managers and elite investors both specialize in capital allocation. Whether in the corporate sector or in securities investments, the most successful capital allocators follow some surpr...
Avoid the Coming Oil Slick
The View | June 2006
The world is seeing an incredible commodities boom. You might be wondering if Burgundy is missing the gold rush. I am here to tell you that nothing could be further...
Requiem for a Brewer
The View | December 2004
In early 2002, Molson Inc., one of Canada’s grand old companies, appeared to have shaken off a history of poor decisions and positioned itself for a bright future. Under the...
The Eighth Wonder
The View | February 2004
On a cold Montreal day in February 2000 at BCE Inc. headquarters, Jean Monty was making a tough decision. As head of the dominant local telephone company in eastern Canada, Mr....
Horse Sense
The View | January 2003
Jim Grant, the editor of Grant’s Interest Rate Observer and guest speaker at Burgundy’s 2000 Client Day, once wrote in a typically elegant formulation that “the tricky thing about...