Something Good for the Month

April 2020

interesting links

We’ve put together our favourite reads for the month of April. We hope you enjoy them as much as we did.

Latest memo from Howard Marks: Knowledge of the Future

In the past, I’ve defined investing as the act of positioning capital so as to profit from future developments.  I’ve also mentioned the challenge presented by the fact that there’s no such thing as knowing what future developments will be.  This is the paradox we must deal with.

Epsilon Theory: Bear Stearns and the Narratives of Systemic Risk

In May 2007, Bear Stearns – one of the crown jewels of Wall Street – traded at nearly $160 per share. The S&P 500 peaked five months later, in October 2007. Five months after that, in March 2008, Bear Stearns was taken out in the street and shot in the head by regulators. The stock closed at $2 per share that day.

Fast Company: Shopping malls were dying before COVID-19. Imagine them post-pandemic

The Great American Mall. Most of us know it as the gleaming postmodern shopping temple of the ’70s, ’80s, and ’90s, pillared by mighty department stores, where worshippers laid their wallets on the altar and prayed to the gods of capitalism. But amidst the retail apocalypse of the past decade, those malls have been slowly disappearing—a cultural death now hastened by the global pandemic

Youtube: SomeGoodNews

John Krasinski’s weekly highlights on some good news from around the world.

Investment Executive: Client satisfaction with firms increases year over year: survey

However, if brand trust is weak, only 16% of investors say they’ll stay loyal.

Economic uncertainty and market volatility could cause some wealth management firms to struggle to retain clients who become unsatisfied. However, firms with higher levels of brand trust will likely better weather the storm…

Investment involves risk, uncertainty and assumptions. The value of investments rise and fall and there is a risk you may not recoup the amount originally invested. Past performance is not a reliable indicator of future performance.
The contents are provided as general in nature and should not be relied upon nor construed to be the rendering of specific tax, legal, accounting or professional investment advice. Readers should consult with their own accountants, lawyers and/or financial advisors for advice on their specific circumstances before taking any action.
The information contained herein is from sources believed to be reliable, but accuracy cannot be guaranteed. No representations or warranty, expressed or implied, is made by Caldwell Investment Management Ltd. or its affiliates.

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