We have created an investment firm
of which we would want to be clients

— John Ewing & Darcy Morris

Small Cap Strategy
Flexible Fixed Income Fund

Download our investor letters
and investor day transcript

Quarterly Letter PDF

Annual Letter PDF

Investor Day PDF


Deliberate Practice: A Case Study

Roy Thomson- Canada’s First Great Capital Allocator

Thoughts on Diversification

Incentives in Investment Management

Thoughts on the Concept of Investment Risk

Un-businesslike Approach to Investing

Studying Industry Change

Betting Against Kraft, Campbell Bonds Pays Off as Amazon Lurks