Europe: Navigating the Storm

Europe: Navigating the Storm

The Journal | July 2012

Over the last 12 years, since launching the Burgundy European Equity Fund, the European market has declined by 1.6% per year, turning one dollar into $0.82 for the index investor,1 while our European...

Emotional Investing is Bad for your Wealth

Emotional Investing is Bad for your Wealth

The Journal | June 2012

Each year I visit my Alma Mater, the Ivey School of Business at the University of Western Ontario, to teach a seminar to MBA students. It’s one of the...

Japan: One Year Later

Japan: One Year Later

The Journal | April 2012

It has been one year since the Great East Japan Earthquake. The earthquake and tsunami that followed killed over 15,000 people, rendered more than 320,000 homeless, and caused approximately US$200 bil...

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...

Berkshire Hathaway's Annual Shareholder Letter

Berkshire Hathaway's Annual Shareholder Letter

The Journal | February 2012

Although we read a lot at Burgundy, there is little that is considered “mandatory” reading. Warren Buffett’s annual letter to shareholders might top the list. Not long after the...

Hedge Funds: Quitting While They're Behind

Hedge Funds: Quitting While They're Behind

The Journal | February 2012

Last month, Mat Harrison’s post “Where to Hide” mentioned how hedge funds have not been living up to their intended objectives. Building on this idea, The Economist posted an...

Why Stocks Beat Gold and Bonds

Why Stocks Beat Gold and Bonds

The Journal | February 2012

Warren Buffett recently wrote an article that appears in this month’s issue of Fortune Magazine, titled “Why Stocks Beat Gold and Bonds.” As we understand it, this will constitute...

European Equities

European Equities

The Journal | January 2012

As part of a Globe and Mail article on investing in Europe, I was recently interviewed by Brian Milner to discuss how Burgundy invests in European equities. My message was...

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