Trying to predict and successfully time when the next storm will arrive is not a substitute for sturdy construction. Financial storms tend to arrive with little warning. The key to resilience is to know that they will inevitably come and to prepare in advance.
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.
… Health care is a very personal and sensitive subject. Most nations would prefer all of their citizens to have unlimited access to life saving drugs at reasonable prices. However, countries have limited means.
… Express Scripts Holding Company (Nasdaq:ESRX) is the largest pharmacy benefit management (PBM) company in North America. It serves thousands of clients including managed-care organizations, insurance carriers, employers, third-party administrators, public sector and union sponsored benefit plans.
… Cisco Systems is the world leader in the design, manufacture and sale of high-performance networking equipment for the Internet. Their products are ubiquitous and most often the industry standard. In an era of increasing usage of smartphones, tablets, and connected devices (the “Internet of Everything”) data transfer and consumption should continue to increase exponentially.
… The hardest part about value investing is having the discipline to be extremely patient. Attractive opportunities to buy shares of excellent companies on the cheap don’t come along very often. Market panics are a good source but far too infrequent. More often they come in the form of companies that are encountering a temporary problem and the market overreacts.
… 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.