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Cardinal Capital Investor Day

Cardinal held its second Investor Day Client Conference in 2015 recognizing that there were several disruptive factors that the markets, and therefore our clients, were going to have to contend with – normalization of domestic monetary policy, the strong U.S. dollar, the collapse of oil prices and its impact on domestic economic growth and inflation, and the nascent recovery of European economies. And while we did not foresee the weakness in China and the emerging markets at that time, there is no doubt that this has only complicated the outlook for global markets.

Although not top down investors, macroeconomic assumptions do impact forecasts that are built into our company specific models. As a result, we wanted share a few of the expert opinions upon which we base our macro views and related industry specific insights. To be clear, our team is focused on bottom-up stock picking and we insist upon catalysts for each name in the portfolio that are unrelated to the macroeconomic environment. However, we also pay attention to the business environment around us and understand that change is the norm, not the exception. We are constantly taking in new information and refining and improving our understanding of the businesses in which invest, and those which we choose not to.

We were privileged today to have senior executives from two of our larger portfolio holdings, Ligand Pharmaceuticals and Howard Hughes, as well as experts on the outlook for interest rates and bank stocks, expectations for and the resulting implications of oil prices, and small cap strategy.

Economic & Market Commentary
Jim Furey
Chief Investment Strategist, Furey Research Partners
Introduction: Rob Kirkpatrick

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Interest Rates & Bank Stocks
John Pietrzak
Managing Principal, Castle Creek Partners
Introduction: Gene Fox

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Oil Prices: Expectations & Implications
Robert McNally
President, The Rapidan Group
Introduction: Rachel Matthews

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Cardinal Portfolio Company: Ligand
Matthew Foehr
COO, Ligand Pharmaceuticals
Introduction: Bob Fields

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Cardinal Portfolio Company: Howard Hughes
Paul Layne
EVP, Master Planned Communities
Introduction: Rob Kirkpatrick

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Please click here to see videos of our 2011 Investor Day Client Conference.