From the Yardarm | Page 2 | Saturna Capital
From the Yardarm
 

2017

  • November 2017 Yardarm

    Few things in this world can be predicted with accuracy over multiyear periods and fewer still over multi-decade spans. One exception is population demographics. Based on data today, we have a good idea how populations will develop through 2050. For some countries, demographics will provide a tailwind toward possibly robust economic growth in the coming years...

     
  • What We Want and What We Get: Error Bias in Investing Cover

    As we observe events in realms such as financial markets, politics, or weather, we tend to form beliefs — be they explicit or implicit beliefs — about cause and effect, or whether the events were positive or negative, good or bad. Science has formalized this process: testing a hypothesis with empirical data. One of the tradeoffs when evaluating beliefs in light of evidence...

     

2016

  • October 2016 Yardarm

    Beneath the headlines and political rhetoric, we find a complicated, global story of how trade benefits both developed and emerging economies. There's certainly merit to questioning aspects of trade deals. Invariably, a document with 5,600 pages, like the TPP...

     
  • From The Yardarm August 2016

    Among all scarce resources, time has no substitute. Time cannot be renewed, expanded, or replaced regardless of price. A person's lifespan limits their earnings, savings, and spending. Today, interest rates in developed world economies approach and even move below the so-called "zero bound," constraining the ability to grow...

     
  • Yardarm June 2016

    With the forces of globalization pushing increased trade, and developing nations pursuing common paths of economic development, it appeared that the trends pressuring raw materials prices higher might continue indefinitely. But in the past four to five years, the longstanding trend in declining goods costs reasserted itself with a vengeance...

     
  • Yardarm May 2016

    At the Amana Funds we have long described ourselves as "Value and Values-Based Investors." We have adopted this mantra because it reflects our investing philosophy, and we believe such an approach improves our likelihood of achieving...

     
  • Yardarm April 2016

    In this political season, drug companies have become a convenient whipping boy. Congress called some firms on the carpet to defend their drug pricing practices, while some presidential candidates have suggested...

     
  • Yardarm March 2016

    Real Estate has come of age and will be moving out on its own this summer, leaving its parent sector home of Financials to reside in its own self-titled headline sector. We foresee positive developments and a few risks...

     
  • Yardarm January 2016

    Oh, market volatility — your foul stench is particularly rancid in the dark of winter, when the taxman begins his rounds and rebalancing fills investors' minds. But, as goes January, so goes the year? Not so fast.

     

2015

  • Yardarm December 2015

    The Consumer Staples sector logged solid stock market performance in 2015, outpacing the S&P 500 Index. Intra-sector performance, however, varied widely, even among companies we might consider similar blue chips. Changes to the market landscape are forcing Home and Personal Care companies to evaluate past practices and develop new...