Scorecard # 33 – Value Returns
During the quarter we initiated a position in TVA Group (TSX:TVA.B). Based in Quebec, the company is a leading broadcaster and owner of specialty channels targeting the French-Canadian audience.
Scorecard # 32 – The Other Virus
…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.
Scorecard # 29 – The Bear
COVID-19 pulled a bear market out of hibernation and humanity took its place.
Scorecard # 25 – Booking.yeah
We made our initial investment in Booking Holdings (Nasdaq:BKNG) in late 2017 and recently added to our position. While we have previously disclosed that we owned the stock, we have not discussed its business in any detail. Here is a snapshot of our investment thesis.
Scorecard #17 – Avoiding Stupidity
… We were inspired to write about Amazon after reading a recent newspaper article touting the stock. The author acknowledged that the company generates razor-thin profit margins and that the stock trades at a “ridiculously high” price-to-earnings multiple (171x to be exact).
Scorecard #16 – Do the Right Thing
… Incentives drive behavior and the senior management of any business is responsible for putting the proper incentives in place and defining a company’s culture by setting the tone at the top.
Scorecard #14 – Inamatus Corus
… Media stocks remain under pressure these days. It all started back in the fall of 2015 with the selloff in Walt Disney Company’s stock (NYSE:DIS) due to subscriber declines in its ESPN division. The stocks of other media companies quickly followed suit.
Scorecard #5 – Birdy Num Nums
… Markets will forever continue to oscillate between the extremes of panic and greed. The common thread is that at both extremes, most people ignore valuations to their peril and become transfixed with stock price movements. It has happened for centuries and will continue to as it is simply in our nature.
Scorecard #1 – My Painting
… The GreensKeeper Value Fund is my painting. I will have the bulk of my family’s capital invested alongside my clients. I am truly blessed to be able to wake up in the morning and do what I love to do for a living. I will do my very best to deliver the returns that you deserve on your hard-earned savings.
