Burgundy Asset Management – The Capacity To Endure Pain

If you have seen The Big Short, the 2015 film adaptation of Michael Lewis’ book of the same name, you will remember the scene in which Michael Burry (played by Christian Bale) takes out his frustrations on his drum set.

We often talk about the idea of the contrarian – investors who “go against the herd” in order to take advantage of investment opportunities that others miss or ignore – but it’s an entirely different experience to be dropped into their shoes. This film was genius in its ability to explain how a few select contrarian investors were able to take advantage of the financial crisis of 2008, but it was equally genius in its ability to make us...