Organic Investments

 

June 29, 2020

Over the past decade we have been concerned about the shift in management focus from growing revenues to financial engineering. The use of “adjusted” earnings instead of GAAP (generally accepted accounting principle) earnings has...

May 25, 2020

The markets had a particularly bad end of February/March when forced liquidation created a crisis of proportions last seen during the financial crisis. The Central Banks, as usual, stepped in to provide all the liquidity anybody...

April 13, 2020

The future is always uncertain. Investing relies heavily on the past to predict what will happen going forward. Generally the past is a good indication of what we can expect. Nevertheless, there are always moments in time when th...

March 23, 2020

Covid-19 is a very serious virus. It is not to be taken lightly. We have followed it very closely since there was first news coming out of China as the reports already back then were highly concerning. This led us to take profits...

February 14, 2020

President Trump and his administration have constantly bragged about the economy with Trump at the helm being “the greatest in the history of the country”. In Davos this past January he claimed an unprecedented “comeback” for an...

January 31, 2020

With interest rates at low levels  and central banks intent on pumping money into the system, it is hard to see (absent a surge in inflation and bond yields) what it is that could derail capital markets. Given the extremely low l...

December 20, 2019

For as long as we can remember, financial institutions have always come out on top. This was particularly evident after the 2008 financial crisis. They profited greatly from selling toxic sub-prime debt instruments that nearly to...

November 25, 2019

Compounding makes a sum grow at a faster rate than simple interest because in addition to earning returns on the money you invest, you also earn returns on those returns over time. This is what led Albert Einstein to label compou...

October 23, 2019

Can A Strong US Consumer Maintain Sufficient Global Economic Growth For Markets to Outperform?

The U.S. consumer continues to be the backstop for the global economy as unemployment remains at record lows, debt service obligations...

September 30, 2019

REFLECTIONS FROM LESSONS LEARNT OVER THE PAST 15 YEARS

TOP FIVE SUMMERHILL INVESTMENT PRINCIPLES

As the Summerhill team ends its 15th year in operation we decided to reflect on some of the key lessons learnt over that period of tim...

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