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Thomas S. Caldwell, C.M.

You often say, “In volatile times when investors are emotional, the job of the media is to create bargains for us”. Please explain.

Posted: March 11, 2020
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A transcript of this episode is available below, modified for a more enjoyable reading experience. For more posts exploring the ideas we talk about in the episode, check out our Related Reads links.

Your Host
Thomas Caldwell
Thomas S. Caldwell, C.M.

Chairman & Founder, Director

Thomas S. Caldwell graduated from McGill University in 1965, and has been actively involved in the investment industry since that time.
Mr. Caldwell is Chairman of Caldwell Investment Management Ltd., an organization founded in 1990. Caldwell Investment Management Ltd. is a diversified investment company providing investment management to a broad spectrum of investors throughout Canada.
In 2014, Mr. Caldwell was inducted into the IIAC Investment Industry Hall of Fame.
Mr. Caldwell is CEO and a Director of Urbana Corporation, a publicly traded investment company and Chairman of the Canadian Securities Exchange (“CSE”), “The Exchange for Entrepreneurs”. He also serves on the Board of the Conference of Defence Associations Institute in Ottawa. Mr. Caldwell was appointed Honorary Lieutenant-Colonel of The Lincoln and Welland Regiment in January 2014.
Mr. Caldwell is a past Governor of the Toronto Stock Exchange and one of the leading experts in capital markets, particularly in trading environments. He is recognized as one of the world’s foremost investors in securities exchanges. Mr. Caldwell manages the investment pools he is responsible for on a value/strategic overview basis.
Caldwell Investment Management Ltd. and its affiliates were the second-largest owners of the New York Stock Exchange prior to the NYSE’s demutualization.
Mr. Caldwell has, through his career, been actively involved in addressing social and community needs.
He was awarded Her Majesty’s Golden Jubilee Medal in 2002 for his activities on behalf of Canadian Veterans. In 2003 he was appointed a Member of the Order of Canada for his work in assisting those in need as well as contributing to institutions working to better the lives of others. In 2012, he received Her Majesty’s Diamond Jubilee for his efforts on behalf of the disadvantaged.
Mr. Caldwell and his wife Dorothy have been married since 1966 and have two sons, Brendan and Theo, and four grandchildren.

00:11 Walter Cronkite the news icon of the 60s and 70s mentioned that the media will have to create a lot of news to fill the airwaves. And we do have that we are over unused whatever issue is going on whatever event is going on. Media tends to follow that theme and continue to hammer it.
00:30 So it becomes the constant diet for days and weeks whether it be hurricanes pandemics energy crisis climate change whatever. It just stays on it stays on its star and the job of the profession of investment advisor or the professional investor is to detach from the prevailing media views and themes investment success is not about information. It is about the interpretation of that information in the broader sense.
00:58 For example if I see something continue being hammered I'm saying is that is this fixable was the problem going to be solved was the timeframe. Whereas the opportunity here and to really look at that clearly one must quell their emotions. And that's that's the job of the professional frankly.