Tilray
Canada’s grand cannabis experiment is likely to end badly for many investors and for Nanaimo-based Tilray Inc. (TLRY-Q) shareholders in particular.
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 of looking foolish for ignoring expensive and/or poor-quality stocks. But our long-term and patient approach when things aren’t going our way serves us well when panic returns. The ability to endure short-term pain (be it psychological, emotional and/or physical) often leads to long-term rewards. Buffett has often said that temperament is more important than intelligence in investing. Fortunately we were wired a certain way that happens to be helpful in the investing arena.
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 recently ranked as one of the best performing ideas from the View From The Buyside column. In an expensive market, good ideas are hard to find. But they are out there. It just takes a lot of effort to uncover them.
SumZero – View from the Buyside
GreensKeeper’s investment idea - $ESRX - recently ranked 3rd on 
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 difficult to compete against. Visa is truly a money-making machine.
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…
Home Capital Group
… The unfolding Home Capital saga is both tragic and full of irony. We have owned the stock in the past, but haven’t for some time. Over the past year, Home Capital’s stock is down 84% and the company has lost over $2 billion of market value. Over a billion dollars of that decline happened in the past 7 days. The reason? A classic run on the bank.