Darcy Morris
- Biography:
Darcy joined MacDougall, MacDougall & MacTier in January of 2009 as an associate to Portfolio Manager, Wilf Dinnick. Before joining “3Macs,” Darcy worked at Burgundy Asset Management Ltd. as a member in their Associates Training Program. His experiences at Burgundy ranged from working as a Fund Accountant, Private Client Associate, and Equity Trader focused on Japanese and European equities as well as Fixed Income and Money Market securities. Prior to that, he spent three summers as an intern at Cantor Fitzgerald Securities in Toronto on their bond-trading floor.
In the fall of 2008, Darcy traveled to mainland China and India and met with North American-listed public companies in Tier 1 and Tier 2 cities.
Darcy received an Honours Bachelor of Arts degree from Queen’s University in 2004. Darcy has completed his CSC, CPH, and the first level of the Chartered Financial Analyst designation.
Darcy sits on the Board of Directors for Schools Without Borders, is a founding member of the Toronto Young Finance Professionals and is a member of the CFA Institute. Prior to his career in finance, Darcy played ice hockey for the Peterborough Petes of the Ontario Hockey League.
- Specialities:
- We specialize in individually tailored portfolios built for your specific needs and strive to exploit opportunities in the market to your advantage. We manage taxable accounts as well as TFSAs and RSPs.
- Philosophy:
Investment Philosophy
Wilf and I manage investments from a global perspective with the belief that owning outstanding business, at attractive valuations, generates superior long-term performance. We are committed to serving clients with integrity and care and are focused on compounding your capital over the long-term.
We take a business approach to investing and recommend companies that we can understand and are trading at a discount to their intrinsic value. We will build your investment portfolio on a company-by-company basis using a long-term buy and hold approach.
Investment Approach
To generate ideas I screen databases, search the 52-week lows list, track successful investors and read, read, read! I study detailed financial reports and regulatory filings, listen to management conference calls, read analyst reports and visit companies on-site.
With the help of our research team, we look for companies with superior growth in free cash flow, consistent high return on invested capital, high rates of return on re-investment, industry leaders in profit margins, and strong balance sheets with low leverage. We also look for strong management ownership and reputation, good corporate governance, effective capital allocation, economic resilience, industry leader/recurring demand and strong competitive advantages (i.e. barriers to entry, economies of scale, etc).
We try to think like fractional owners of businesses.
- Links:
25 Questions Everyone Should Ask Their I.A.: See my answers
Recommended Reading List: See list
Investor Presentation from February 2009: Never Let A Good Crisis Go To Waste
News sources: Wall St. Journal, Bloomberg, Reuters, The Financial Times, The Economist, and The Globe and Mail.
I receive email updates from the 3Macs internal research team, Morgan Stanley, Goldman Sachs, Sanford Bernstein, CIBC, RBC and TD Securities as well as other valued contacts.The rest of my reading consists of company regulatory filings (www.sedar.com), analyst reports and commentaries from investors such as Bill Miller, Bill Gross, Jeremy Grantham, Walt Whitman, John Hussman, Longleaf Partners Funds, David Einhorn, Eddie Lampert, Seth Klarman, Jean-Marie Evillard, Prem Watsa, Richard Rooney and, of course, Warren Buffett (many of which are available through www.gurufocus.com).
