Vancouver Investment Advisor Ritch Wigham

Interview with Robert Krembil

I found this article and interview with Robert Krembil to closely reflect my thought’s on where we are in the market cycle. I also doubt that we will ever have another opportunity in our lives to be able to invest as cheaply as we can now.

Follow this link to view what Mr. Krembil has said.

Aditional points on Bob Krembil:

Krembil is one of EdgePoint’s largest shareholders, a key adviser-and one of its biggest draws. During the presentation at the Ch,teau Laurier, Farmer puts up a slide titled ‘The Krembil Approach,’ which lists each employee’s pedigree, measured in Krembil (i.e. Trimark) years.

Krembil is a legend in the business. In the 1970s, he co-managed Bolton Tremblay’s Taurus Fund, posting double-digit returns and soundly beating the market. In 1981, he, Arthur Labatt and Michael Axford founded Trimark, creating a culture that put investor interests first by focusing on long-term fund returns and providing strong customer service. His portfolio managers didn’t consider themselves stock pickers who traded in and out, but rather, long-term owners of great businesses. Krembil only launched funds when they made sense. In 1998, for instance, as rival companies were launching funds loaded with frothy tech firms, he lured MacDonald away from the Ontario Teachers’ Pension Plan Board to co-manage two new funds specializing in small companies and resources, both of which were unpopular.

Krembil didn’t always enjoy such vaunted praise. Like many value managers, he was lost during the Internet bubble, opting to stay out of tech altogether. For 30 straight months, fund holders pulled money out of Trimark-$6.6 billion in all. Net assets declined to $24.8 billion, and Trimark’s stock price tumbled. In 2000, Atlanta-based Amvescap PLC (now Invesco) bought the company for $2.7 billion. As the ink on the deal dried, the tech bubble popped, and Trimark funds rebounded, accounting for 75% of industry net sales in 2002.

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