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Recent Publications

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 #13 – Tug of Wa℞
… 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 ...

Scorecard #12 – The Red Dragon and King Canute
… Plunging markets provide the environment in which the seeds of future capital gains are sown. In a declining market, we acquire more earnings power for each incremental dollar invested. Accordingly, lower prices reduce the riskiness of an investment ...

Scorecard #11 – Coattail Riding
… The implication of the Value Fund’s significantly lower turnover rate is that we tend to hold stocks for long periods of time at GreensKeeper. An investment strategy with a high turnover incurs additional trading expenses and triggers taxable gains ...

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 ...

Scorecard #10 – Steady Progress
… 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 ...

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 ...

Scorecard #9 – Taking Stock
… We first wrote about Home Capital in the Globe & Mail on August 8, 2012. Since then the company has done what it usually does – execute on its business plan and increase earnings per share at a steady pace ...

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 ...

Scorecard #8 – Unconventional Wisdom
… 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 ...