
Scorecard # 40 – Reversals of Fortune
“There are a million ways to get wealthy… but there’s only one way to stay wealthy: some combination of frugality and paranoia”
Jan, 10, 2023“There are a million ways to get wealthy… but there’s only one way to stay wealthy: some combination of frugality and paranoia”
Jan, 10, 2023“Buy quality companies when they are on sale. Avoid leverage, folly and big mistakes that set you back. It is simple, but not easy.”
Apr, 14, 2022…when we see foolishness all around us, we remind ourselves that we are investors. Not speculators, investors. Value will once again have its day. It always does.
Jan, 31, 2021“As Mark Twain so aptly put it, history doesn’t repeat itself, but it often rhymes. The current market environment — especially in certain tech stocks — reminds us a little of the late ‘90s stock market.
Jul, 27, 2020“This past year was our eighth consecutive year of positive returns. Our two biggest contributors to the portfolio in 2019 were our investments in Apple +58.8% (AAPL) and Facebook +56.6% (FB), both of which were purchased during the Q4 2018 selloff. Just a few meaningful and timely decisions can make a big difference to portfolio returns.”
Jan, 23, 2020“… We meaningfully increased our exposure to the U.S. health insurers by adding to our position in Anthem (ANTM) and initiating a new position in UnitedHealth Group (UNH). Democratic presidential candidates Elizabeth Warren and Bernie Sanders are touting “Medicare for All” and propose an outright ban of private health insurers. The heated rhetoric on the campaign trail led to a sector selloff which we took full advantage of…”
Oct, 28, 2019The Value Fund returned +5.3% in 2018 net of fees and expenses (or approximately +7.1% gross). We managed to outperform both of our benchmarks in 2018. The S&P/TSX Total Return Index finished down -8.9% for the year. The S&P500 Total Return Index was down -4.4% for the year. Measured in Canadian dollars (the Value Fund’s reporting currency) the S&P500 Total Return was up +3.9% for the year.
Jan, 23, 2019