Views & Insights
Periodically we publish content that puts our principles and views into practice, because education is an essential component of long-term investment success.
Greetings from the Pearl River Delta
The Journal | February 2019
On October 31st, we embarked on our six-month research project in China. Our objectives were to understand China better, to develop a network of professionals with valuable insights we could...
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...
Price vs. Value
The Journal | January 2019
Our job at Burgundy is to understand the true value of the quality companies that comprise our portfolios and Dream Team lists. That’s the reason we focus so heavily...
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...
China Matters
The Journal | December 2018
For six months, I will be working in China. My colleagues Ching Chang, Terry Ouyang and I have embarked on an extended research effort in China. We departed Canada on...
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,...
Can You Get Hurt Jumping Out of a Basement Window?
The Journal | November 2018
An Interview With Richard Rooney. Burgundy’s investing approach takes time and patience. And, perhaps most importantly, it takes some original thinking, intensive research...
Marshmallows and the Cost of a Moat
The View | October 2018
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...