Peter Ciccarelli

Usually, a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself. (Philip Fisher)

As Vice-President, Equity Research in the Investment Management team, Peter Ciccarelli focuses on North American equities. He manages portfolio risks to achieve capital preservation.

Prior to joining Gluskin Sheff in 2018, Peter worked at Scotiabank Global Banking & Markets as an Equity Research Associate. He began his career as an Analyst in Scotiabank’s capital markets rotational program.

What are your favourite books to recommend?

Common Stocks and Uncommon Profits and Other Writings (Philip A. Fisher)

The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success (William N. Thorndike)

The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments (Pat Dorsey)

What is your favourite place in the world?

The first tee at Le Géant – Mont Tremblant

What is your own investment philosophy?

I would categorize my investments into two main buckets: 1) Cheap Assets – businesses with below-average economics, approaching catalysts (hidden asset, misunderstood business etc.) and a starting valuation that provides a significant margin of safety, and 2) Great Businesses – companies that earn above average economic returns on capital due to their durable competitive advantage combined with a long growth runway to reinvest their profits at above-average returns. I tend to favour bucket two as far more money is made over time buying businesses with sustainable advantages at reasonable valuations, than is made buying mediocre companies at cheap valuations (the power of compounding).