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Cymbria Investor Day

Paul was in Toronto this past Wednesday where Adam Szypula joined him for the annual Cymbria Shareholder Meeting. This event is a mix of investor updates, thought leadership and showcasing their investment philosophy in action alongside results from the past year.

For the unaware, Cymbria is a holding company for a portfolio of businesses, most notably EdgePoint. This was their first “in person” meeting since 2019 and it was a packed auditorium. 

Below are some of their takeaways from the event . This “Mom & Dad’s Advisor” piece was the last page of Cymbria’s Annual Report this year and is an interesting take on some of the advertisements run by DIY Investment firms.

Morgan Housel: 4 Stories About Investing And How People Think

Morgan Housel was the keynote speaker who kicked things off. His book, The Psychology of Money, is a team favourite and has lessons for investors of all ages and skill levels.

  • Investing is a funny field where performance is dictated more by individual behaviour than individual circumstances.

"History and societies do not crawl. They make jumps. They go from fracture to fracture, with a few vibrations in between. Yet we (and historians) like to believe in the predictable, small incremental progression." – Nassim Nicholas Taleb, The Black Swan

EdgePoint Updates

  • Their philosophy is to “Buy Growth for Free”. 
  • This means investing in companies that have optionality that isn’t fully appreciated or priced in.
  • To do this, they take a longer term time horizon and aren't afraid to look different than peers.
  • You can read more about it here: The EdgePoint Way to Invest and Making Your Money Make Money.
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