There's Always Something To Do - The Peter Cundill Investment Approach

Sunday, Apr 10 2011 by
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Theres Always Something To Do  The Peter Cundill Investment Approach

Peter Cundill established the Cundill Fund in 1974, later renamed the Mackenzie Cundill Value 'A' Fund. Tragically, he died in March 2011, and this book recounts his investment career and philosophy. The author has known Peter for thirty years, and had access to Peter's investment notebooks, snippets of which are reproduced in this book. 

Since inception in 1974 to the period ended 30 September 2010, the Cundill Fund returned a 13.5% CAAR, compared with an 11.2% CAAR for the MSCI World Index, adjusted to Canadian dollars. An investment of $10,000 at the inception of the fund would now be worth $927,522, compared with the index of $437,428. It appears that much of the truly superior returns were achieved over the last 10 years. 

The book reveals that Peter was a value investor in the Graham tradition, and was particularly fond of "net-nets". His search for them took him all over the globe, an activity that he seemed to enjoy greatly. He formed a personal relationship with legendary investor John Templeton, and was praised by Warren Buffett as the kind of man he would be looking for as his next chief investment officer. He has been described at the "Indiana Jones of Fund Managers". 

This book will appeal to investors wanting to learn more about the history of Peter and his fund, as it is not so much of a "how-to" book on investing. He does reveal some of his personal investment philosophy, though, and shares his thoughts about what makes a great money manager. Chief amongst them is "patience, patience, and more patience". He warns that "None of the great investments come easily. There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic".

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Disclaimer:  

As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. The author may own shares in any companies discussed, all opinions are his/her own & are general/impersonal. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested.


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About Mark Carter

Mark Carter

I am a private investor living in Scotland. I am a computer programmer by trade.

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