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Chris Horwood

Chris Horwood is an investment counsellor at Orbis Investment Management Ltd.These views are those of the author and not necessarily those of the Canadian Investment Review.

Sir John Templeton once said, “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.” He was describing the mismatch that often arises between human emotions and investment fundamentals. Since many investors overreact to both good and bad news, this can potentially create enormous opportunities for those who hold […]

  • April 13, 2021 May 4, 2021
  • 12:00

Investment management is an unusual business in that it doesn’t typically offer customers their money back if they’re unsatisfied with the product or service. This seems strange given how easily and objectively we can measure value added or destroyed. Of course, demanding a refund for poor investment performance may be more complicated than returning a […]

  • January 6, 2021 April 14, 2021
  • 10:12

US equities have dominated their global peers over the past decade. As of 30 June, the S&P 500 had returned 14.5 per cent per annum since hitting bottom during the global financial crisis in March 2009 compared to only 7.6 per cent for the MSCI All-Country World ex-USA Index. The outperformance of US shares isn’t […]

  • August 10, 2020 December 6, 2020
  • 07:52

The novel coronavirus pandemic has been an enormous human tragedy and its ultimate impact on the global economy remains impossible to predict. For many companies, the damage is likely to be severe, perhaps permanent, and this has been justifiably reflected in depressed share prices. But a key lesson from previous crashes is that periods of […]

  • May 13, 2020 December 6, 2020
  • 09:26

Bonds have traditionally been a reliable source of low-risk returns. For the moment, central banks have changed that relationship, yet many investors still need predictable, positive returns to meet their financial obligations. What to do? Reluctantly pushed out of bonds, many investors have turned to low-volatility shares as a bond-like substitute. Many perceive these shares […]

  • December 12, 2016 September 13, 2019
  • 09:25