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...

Where to Hide?

Where to Hide?

The Journal | January 2012

  “Denial ain’t just a river in Egypt” – Mark Twain Looking for bright spots in the global economy is a difficult task at present. There is no sense in...

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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