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.
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.
- Innovations that change the course of history don’t always appear obvious at the time.
- The Economic Golden Age Was Probably Not As Good As You Thought & How to Be Happy
- The biggest risks are the ones nobody is talking about. Those are the risks you can't prepare for.
"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
- 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.