Scorecard # 40 – Reversals of Fortune
“There are a million ways to get wealthy… but there’s only one way to stay wealthy: some combination of frugality and paranoia”
Scorecard # 39 – Get a Grip
As the Oracle of Omaha himself so aptly put it, value investing is simple, but not easy
Scorecard # 38 – Funiculì, Funiculà
Funiculì, Funiculà The Value Fund is down -9.2% year-to-date (YTD), 
Scorecard # 37 – The Golden Rule
“Buy quality companies when they are on sale. Avoid leverage, folly and big mistakes that set you back. It is simple, but not easy.”
Scorecard # 35 – Realpolitik
“No Chinese leader has ever abandoned the insistence on ultimate unification [of Taiwan] or can be expected to do so. No foreseeable American leader will jettison the American conviction that this process should be peaceful or alter the American view on the subject”.
Henry Kissinger, On China (1)
Scorecard # 34 – Bedrock
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.
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.
