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Recent Publications
Scorecard # 24 – Facebook Redux
The 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 ...
Scorecard # 23 – Fear and Courage
There is a concept in cycling that has been adopted by famed value investor Tom Russo that resonates with us – namely the capacity to suffer. There will be times when our prudent value investing approach will be out of step with the markets and we will experience the pain ...
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 ...
SumZero – View from the Buyside
GreensKeeper’s investment idea - $ESRX - recently ranked 3rd on SumZero’s “View from the Buyside” column in Barron’s: ...
Scorecard # 21 – Compounding Knowledge
In our latest newsletter we discuss our Q1 performance along with a recent stock purchase that will be familiar to our long time followers ...
Express Scripts
One of our arbitrage investment ideas – long Express Scripts (NYSE:ESRX) - was republished by Barron’s earlier this week. Details inside ...
Scorecard #20 – A Money Making Machine
... Value Fund holding Visa, Inc. is the world leader in retail electronic payments. Visa, along with competitor MasterCard, form a global duopoly in the sector. Visa is an incredible business. The company grows steadily without much capital reinvestment required, adds value to both consumers and retailers and is very ...
Scorecard #19 – Twin Pandemics
... Value Fund holding Novo Nordisk (NYSE:NVO) is the world leader in diabetes care with a global market share of 27% by value (46% by insulin volume). The company was founded in 1925 and is headquartered in Denmark. However, its origins have a uniquely Canadian connection… ...
