Richard Rooney

After many years of education and practice in the investment management field, Richard read some essays by Warren Buffett and was smitten. Here was someone who actually carried out Einstein’s instruction that things should be as simple as possible but no simpler! Trying to apply this simple and sensible approach to investing, finding like-minded people to apply it globally, and writing about it and discussing it, have been the best parts of his day job ever since.

As Chief Investment Officer of Burgundy for the past 20 years, Richard has helped build an investment department that is supportive of thoughtful risk-taking, humble and dispassionate about acknowledging and learning from mistakes, and that bases its decisions on carefully marshalled evidence and strict valuation work.

Burgundy Experience

  • Joined Burgundy in 1995
  • Appointed President, Chief Investment Officer in 1997

Relevant Experience

  • 35+ years of combined professional experience
  • Experience includes positions at: Price Waterhouse, Sun Life, AMI Partners

Education

  • CFA charterholder
  • Fellow of CPA Ontario
  • MBA, Richard Ivey School of Business, Western University
  • Bachelor of Arts, University of Toronto

Memberships and Community

  • Member, CFA Institute
  • Member, CFA Society Toronto
  • Member, CPA Ontario
  • President, Art Gallery of Ontario Foundation
  • Board Member, Governance Committee Member, Stratford Shakespeare Festival
  • Investment Committee Chair, Princess Margaret Cancer Foundation

POSTS FROM THIS AUTHOR

Naïve Optimism

Naïve Optimism

The Journal | June 2019

This year’s Burgundy Forum – our 20th annual Client Day event – recognized the careful balance between rationalism, cynicism and optimism as it pertains to behaviour and diversity of ...

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Who Pays?

Who Pays?

The Journal | January 2019

Over a year ago, Burgundy did a complete reassessment of our research costs based on new financial rules from Europe called MiFID II. Historically, brokerage firms have incurred expenses on ...

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The Mathematics of Down Markets

The Mathematics of Down Markets

The Journal | December 2018

One of the hallmarks of value investing is that its practitioners cultivate a state of mind where their attitude is the inverse of the market’s. As bull markets advance ...

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Tough October

Tough October

The Journal | November 2018

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, ...

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Smart or Stupid? That Depends …

Smart or Stupid? That Depends …

The Journal | July 2018

The following speech was presented by Richard Rooney, President and CIO, at this year’s Client Day. It has been lightly edited and condensed for this blog entry. Value investing ...

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The Quality-value Tug of War

The Quality-value Tug of War

The Journal | July 2016

By most accounts, the last few years have been a very tough time for deep-value investors. Persistent slow world economic growth and prevailing uncertainties about fundamental macroeconomic issues lik...

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The Chief Hazard to Investors

The Chief Hazard to Investors

The Journal | May 2016

“The risk of paying too high a price for good-quality stocks – while a real one – is not the chief hazard confronting the average buyer of securities. Observation ...

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Calculating Margins of Safety

Calculating Margins of Safety

The Journal | December 2014

During the annual Burgundy Information Session via conference call this Fall, I was asked to explain the concept of margin of safety. Here is my response. With every company we ...

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Confessions of a Buffetteer

Confessions of a Buffetteer

The View | July 2014

The value investing tent is inhabited by several different tribes: the Orthodox, the Bears, the Gold Bugs and the “Buffetteers.” These groups are united by a common admiration ...

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Us & Them

Us & Them

The Journal | April 2014

In 2011, I presented my view on high frequency traders (HFTs) at Burgundy’s annual Client Day. I had been unable to obtain very much information in early 2011 on who the ...

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Beyond the Returns: Selecting a Money Manager (Part III)

Beyond the Returns: Selecting a Money Manager (Part III)

The Journal | July 2013

In Part I and Part II, I looked at some money manager characteristics beyond performance that should result in an overall positive client experience, and used Warren Buffett as the ...

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Beyond the Returns: Selecting a Money Manager (Part II)

Beyond the Returns: Selecting a Money Manager (Part II)

The Journal | June 2013

In my last post, I introduced a thought experiment: what would be the ideal situation for the investment of your family wealth if you had started a generation ago, and ...

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Beyond the Returns: Selecting a Money Manager

Beyond the Returns: Selecting a Money Manager

The Journal | May 2013

When selecting a manager, most people start, logically enough, with the returns. That is the money manager’s product, after all. But all too often the disclosure that past performance ...

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Surviving Success

Surviving Success

The View | October 2012

The job we do as trustees is one of the hardest I can think of. I say we, because I have served as trustee on several pension and endowment funds. ...

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Sources of Volatility in Equity Markets

Sources of Volatility in Equity Markets

The Journal | March 2012

Since the world financial crisis began in mid-2008, high-quality investments have greatly outperformed lower-quality ones. It hasn’t been a straight line outperformance by any means, given the bouts...

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Shakespeare on Investing

Shakespeare on Investing

The Journal | January 2012

At the very outset of Shakespeare’s least loveable comedy, The Merchant of Venice, Antonio is telling his friends of his depression, and how difficult it is for him to ...

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The Year of the Turkey

The Year of the Turkey

The View | June 2009

Have you ever watched the “talking head” interview shows on financial channels like CNBC? Usually they are structured with several guests who agree with each other, and one who ...

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A Record of Failure: Fund Managers as Shareholders

A Record of Failure: Fund Managers as Shareholders

The View | September 2003

About four years ago, I gave a speech to the Canadian Institute of Chartered Accountants’ Financial Reporting Conference in which I examined the role of the auditor and accountant in ...

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Rooney’s Believe It or Not

Rooney’s Believe It or Not

The View | June 2003

I’m sure when you opened your first-quarter report you had a moment when you thought (among other things), “I wish I hadn’t been in stocks last year....

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Wise Passivity, Cautious Opportunism

Wise Passivity, Cautious Opportunism

The View | November 2001

“‘To enjoy the benefits of time’ was one of the chief maxims of the statecraft of the age. Time untied so many knots, cancelled the necessity for so ...

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A Year of Living Dangerously

A Year of Living Dangerously

The View | May 2001

When you saw the title of my presentation today, I expect you thought we were going to review last year’s peculiar markets. That would have given us the opportunity ...

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Indexers, Arbitrageurs and Organ Donors

Indexers, Arbitrageurs and Organ Donors

The View | December 2000

The investment strategy that has been the biggest winner with clients in the last quarter century is neither a growth strategy nor a value strategy. It is index investing, known ...

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Horatio’s Answer

Horatio’s Answer

The View | April 2000

There is a conversation that takes place in Act I, Scene V of Shakespeare’s Hamlet that has been running through my mind lately. The exchange is between Horatio, an ...

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The Ham in the Sandwich

The Ham in the Sandwich

The View | October 1999

Ladies and gentlemen, you have been drawn here under false pretences. Your program agenda made reference to our firm’s February publication, and implied that I would be referring to ...

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Unforced Errors

Unforced Errors

The View | July 1999

In the aftermath of our last View from Burgundy, two things became obvious to us. One is that our readers are ardent cinema fans, since our initial lapse in casting ...

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We’re Mad as Hell

We’re Mad as Hell

The View | February 1999

In the 1976 film Network, Albert Finney gave a riveting performance as a TV anchorman who blew a gasket and began to deliver angry tirades on his nightly news show. His ...

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Stealing a Fortune

Stealing a Fortune

The View | August 1998

It is not too much of a stretch to say that the biggest change in management behaviour over the past 20 years has been the transformation of senior managers from stewards ...

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A Capitalist Hotbed

A Capitalist Hotbed

The View | May 1998

One Canadian province has led all others in small- and mid-cap stock market performance over the past two years. Two of the three top performing Canadian small-cap mutual funds over ...

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The Sun Also Rises

The Sun Also Rises

The View | March 1998

At the end of 1989, Japan was flying high. Its economic model was considered by many to be the best in the world. Under the benign and extraordinarily competent direction of ...

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Selling the Downside

Selling the Downside

The View | November 1997

It is welcome news that the Canadian government has almost eliminated its deficit, but now we must deal with the very high debts that have been built up over the ...

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Great Investors

Great Investors

The View | July 1997

One of the main purposes of The View from Burgundy is to inform our readers of sound investment practices that we think enhance the possibility of long-term success. One of ...

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The Crying Game

The Crying Game

The View | December 1996

Readers of The View from Burgundy are aware that capital allocation is one of the issues we constantly refer back to in our analysis of companies. The one thing above ...

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Second Class Owners

Second Class Owners

The View | September 1996

After our analysis of the relationship between reliably rising earnings and stock market performance in the “Capital Punishment” issue, our researchers at Burgundy got really ambitious and decided...

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Capital Punishment Part II

Capital Punishment Part II

The View | March 1996

In our December 1995 edition of The View from Burgundy, we shared with you some interesting data regarding the 728 Canadian public companies in the Stock Guide database for fiscal year-ends closest ...

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Doing It Right

Doing It Right

The View | December 1995

In previous issues of The View from Burgundy, we justifiably have tended to be hard on managements that have failed in what we consider to be arguably their primary function: ...

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Errors of Omission

Errors of Omission

The View | August 1995

Readers of The View from Burgundy are perhaps aware of the importance we place on the principle that shareholders are owners of fractions of a business, rather than builders of ...

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