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I received formal training at the University of Toronto's Rotman Commerce, obtaining a Bachelor of Commerce, Specializing in Finance and Economics with a Focus in Data Science.
This training was essential in developing a robust set of hypotheses that would allow for cogent selection of assets and portfolio construction. During this time, I developed a strong motivation to modernize the methodologies developed by Benjamin Graham and David Dodd, outlined in their 1934 book, Security Analysis. I leaned heavily on the theoretical underpinnings of Strategic Management and Advanced Corporate Finance, spending numerous years collecting my thinking about how I would make the investment selection process and asset allocation internally consistent throughout, finding and correcting imperfections from both a theoretical and practical standpoint.
There is no guarantee that the firms in my investment universe are of the highest earnings quality. It is rather that they have long histories of producing certain financial results, which indicate large economic moats in their respective industries. Generally, these firms are insulated from new entrants, wield tremendous pricing power of their customers and suppliers, and have non-substitutable goods and services. It is often a combination of these factors which have allowed them to produce large return on their debt and equity financing, far in excess of their cost of capital. The methodology I have developed over the years ensures that they produce economic value added, with a probability of repeating this in the next fiscal year levelling off between 85-90%. It is absolutely crucial that these firms are acquired at significant discounts to their fair value (the fair value estimation is proprietary). This ensures that the prospects of capital loss are minimized.
The current market situation, is characterized by persistent core inflation in developed market economies, with significant threats of a change in US dollar regime, and geopolitical threats which threaten the stability of capital markets (subsumption of Taiwan to China). I am not interested in predicting interest rates, global GDP growth rates, or the overall valuation of the stock market. Rather, I spend much of my time finding improvements such that the portfolio is insulated from the vicissitudes of capital markets.
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