Investment Management

Charlie Munger, the Vice Chairman of Berkshire Hathaway and one of the greatest investors of all time, believes that when one is trying to solve a problem, it is often helpful to figure out what you should not do, rather than trying to figure out what you should do to solve the problem.  With that in mind, we think that one of the best ways to describe our investment philosophy is by telling you what we are not:

  • We are not speculators

  • We are not gamblers

  • We are not oracles who predict the future

  • We are not focused on the short term

  • We are not day traders who rapidly buy and sell investments

  • We are not salespeople and we will not buy anything for a client that we do not own ourselves

We are investors.  

An investor is someone who believes in buying great businesses with high and stable profits, quality shareholder oriented management, low debt levels, and a strong enduring competitive advantage.  We call these competitive advantages a moat, and they can come in many forms.  

When we talk about making sure we never lose money, a moat is a crucial part of ensuring that we protect our clients’ money, as much as possible.

An investor is someone who buys great businesses, but not at any price.  By identifying businesses that we think are trading at a significant discount to their intrinsic value, we believe that we are helping to ensure that we don’t lose any money, even if the future results of the business are more negative then we expected.

An investor is someone who invests for the long term.  We believe that when a person invests in a stock, bond, or mutual fund, they should treat that investment as if they were the owner of a business, because that’s exactly what they are.  Business owners focus more on the long term prospects of a business.  By focusing more on the long term, we can ignore some of the short term noise and avoid making mistakes which can cost us money. When we buy a business, our ideal holding period is forever.  When you intend to own something forever, you are more careful about what you buy.

Our #1 priority, as shown by the two rules, is to always protect our clients’ money as much as possible.  By acting as investors, we are doing just that. 

Endeavour Wealth Management

940-201 Portage Avenue

Winnipeg, MB, R3B 3K6

PH: 204.515.3450

TF: 1.855.315.3450

FX: 204.515.3451

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Industrial Alliance Securities Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Securities is a trademark and a business name under which Industrial Alliance Securities Inc. operates.

This is not an official website or publication of iA Securities and the information and opinions contained herein do not necessarily reflect the opinion of iA Securities. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Securities, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered

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