What does it take to reach a “buy” decision at Burgundy? In this panel from the 26th Burgundy Forum, members of our Investment Team walk through the process, from idea generation to investment, highlighting travel, management meetings, scuttlebutt research, financial analysis, and governance. They share stories about how they identify quality businesses and turn research into high-conviction investments.
KEY POINTS:
- 01:30 Travel Drives Insights: Mike opens the panel by explaining why travel is Burgundy’s primary source of new investment ideas, unlocking insights and perspectives that virtual meetings can’t replicate.
- 03:51 Management Matters: Matt recounts his visit to Japanese discount grocer Kobe Bussan, showing how in-person interactions reveal cultural and operational details that can strengthen conviction.
- 17:32 Scuttlebutt & Expert Networks: Using Universal Music as an example, Mike discusses how “scuttlebutt”, conversations with industry experts, adds depth and nuance to an investment thesis.
- 36:06 Governance & Engagement: Andrew stresses that poor governance is a red flag to walk away from, while also outlining how Burgundy has actively engaged with companies to drive change when needed.
For an alternate format, access the transcript via the “Download PDF” link at the top of this post. The transcript has been edited for clarity.
VP, Senior Relationship Manager
VP, Portfolio Manager for Canadian small-cap equities
VP, Investment Analyst for Asian equities
VP, Deputy Portfolio Manager for European equities, Director of Research
The Burgundy Forum is our flagship event, offering our clients the chance to hear directly from our Investment Team. Each year, we share our market perspective and discuss maintaining a long-term view in a short-term-focused world.
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This post is presented for illustrative and discussion purposes only. It is not intended to provide investment advice and does not consider unique objectives, constraints or financial needs. Under no circumstances does this post suggest that you should time the market in any way or make investment decisions based on the content. Select securities may be used as examples to illustrate Burgundy’s investment philosophy. Burgundy funds or portfolios may or may not hold such securities for the whole demonstrated period. Investors are advised that their investments are not guaranteed, their values change frequently and past performance may not be repeated. This post is not intended as an offer to invest in any investment strategy presented by Burgundy. The information contained in this post is the opinion of Burgundy Asset Management and/or its employees as of the date of the post and is subject to change without notice. Please refer to the Legal section of this website for additional information.
