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Canada’s grand cannabis experiment is likely to end badly for many investors and for Nanaimo-based Tilray Inc. (TLRY-Q) shareholders in particular.

Nov, 05, 2018

Scorecard # 22 – Index Surgery

… Our large bet (6.8% weighting) on Express Scripts (Nasdaq:ESRX) is performing according to plan with the stock up +16.4% since we purchased it in April. Our recent writeup of our investment thesis for Express Scripts can be found in Scorecard #21. Our idea was published in Barron’s and was recently ranked as one of the best performing ideas from the View From The Buyside column. In an expensive market, good ideas are hard to find. But they are out there. It just takes a lot of effort to uncover them.

Jul, 30, 2018

Express Scripts

… Express Scripts processes 1.4 billion prescriptions a year. It uses its scale to negotiate favourable rates with pharmacies, pharmaceutical manufacturers, drug wholesalers and others in the drug supply chain.

Sep, 21, 2014

DirectCash Payments

… Prolonged bull markets such as the present one make finding bargains exceedingly difficult for value investors. The opportunities that do exist are generally not obvious. Our recent investment in DirectCash is a case in point.

Apr, 22, 2014

Urbana Corp.

… Urbana’s management correctly predicted the coming wave in initial public offerings of stock exchanges and the higher valuations that public listings would unleash.

Sep, 25, 2013


… As a consumer, I love Apple Inc. What’s not to like? They make fantastic products that are user-friendly and often leading-edge. At first glance, the stock also appears attractive.

Jun, 12, 2013

Poison Pills

… In Canada, boards faced with a hostile bid can use a shareholder rights plan – often called a poison pill – and other defensive tactics to buy time and force a bidder to remove some of the coercive elements of its bid. But a company can’t play defence forever:

Apr, 19, 2013


… Handbags. Handbags. Everywhere I go these days, I find myself staring at women’s handbags. My recently acquired and admittedly bizarre obsession is due to my purchase of shares in Coach Inc. last month.

Mar, 18, 2013