Investing has factful aspects. However, successful investing requires both the analysis of facts and the correct interpretation of opinion and judgment.

Investment management is an industry filled with smart people with strong opinions. It is not filled with wonderful decision makers.

AutoCanada is the largest publicly traded automotive dealership group in Canada. We discovered the company in 2009 when it (along with the entire auto industry) was facing an existential crisis.

Emperor Entertainment Hotel stock appears to be a weighted coin. The stock is extremely cheap — if the assets were sold tomorrow I estimate the proceeds would be four times the recent stock price.

Our estimates of intrinsic value do not heavily weigh forecasts of cash flows years into the future, simply because the future is inherently difficult to predict. We are not willing to “pay up” for businesses.

We are short bond ETFs encompassing high-yield, investment grade, emerging market (high-yield), and bank debt. Structures with daily liquidity were not created for illiquid securities such as bonds and bank debt.

While there are countless variables in the banking business, a few have an outsized impact on long term value creation: deposits, scale, reach and diversity. We discuss the sea change in capital and liquidity throughout the banking system, which provide a strong foundation.

ENZ owns one of the largest independent non-hospital-based clinical labs on the East Coast of the U.S., in an industry dominated by non-hospital-based giants Lab Corp (LH) and Quest Diagnostics (DGX).

In Nate Silver’s “The Signal & The Noise”, he explains the difficulties of forecasting and highlights the Bayes Theorem, which offers a formula for calculating the probability of an event, based on insight into conditions.

In an episode of the Ideaweek Podcast, presented by MOI Global, Glenn Surowiec discusses the challenges faced by investors in controlling their emotions, including greed and fear, as part of the investment process.

I was first introduced to Radisson Hospitality, formerly known as Rezidor, by Brad Hathaway of Farview Capital. In brief, the company is a Swedish-listed hotel group with more than 80,000 rooms.