David Winters

We prefer a much quieter form of activism, but every now and then we need to do more. To get on my soapbox for a minute, I'd argue that the unwillingness of institutional investors to take more of a stand against poor management or corporate governance helped contribute to the 2008 crisis. Silence was not [...]

David Winters

We're not big fans of DCF models because of the garbage-in, garbage-out risk. I don't know if lunch will be good later on today, so how am I going to forecast a company's earnings five or ten years out? Most of our valuation work focuses on what a company would be worth today in an [...]

David Winters

Whether we're investing in New York, Zurich, or Kuala Lumpur, we do everything we can to insure that the people to whom we've entrusted our capital wake up in the morning focused on how to make money for all shareholders and that they're good at it. A lot of that is just seeing what they've [...]

David Winters

It has become increasingly clear to me that the best opportunities in coming years are going to be outside the U.S. That wasn’t the case when I started out, when buying a stock in Canada seemed awfully unusual to people. Over the past five years we’ve more than doubled our international exposure, to the point [...]

David Winters

I have come to the conclusion, as others have, that in general you find better investments in businesses with good economics, secular tailwinds, and sustainable competitive advantages than you do in trying to get one last puff out of proverbial cigar butts. When everything's out of favor and you can buy businesses with bright futures [...]