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Recent Publications
Scorecard # 26 – The Drug Oligopoly
We like to invest in industries with long-term tailwinds and pharma distribution checks that box. An aging population leads to increased drug utilization, drug price inflation increases revenues as does the introduction of new drugs. The “Big 3” - McKesson, AmerisourceBergen and Cardinal Health – are a distribution oligopoly with ...
Booking Holdings
We made our initial investment in Booking Holdings (Nasdaq:BKNG) in late 2017 and recently added to our position. Continue to the Globe and Mail to read more ...
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 # 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 ...