“Volatility transfers wealth from those who cannot handle it to those who can.”

We prefer to stay away from assets whose value we do not understand!

The fund's long-term returns will come from the underlying performance of the companies over the years, not from the ups and downs of their quoted market values.

Hence the eternal question: are we in a recession, and if not, is it coming soon?

Once the storm passes, we will see the benefits.

Note that this underperformance should occur approximately one in three years, and more often in strong bull markets.

The big topic of the day: inflation!

Coronavirus crisis has been without precedent and has disrupted our lives, both as citizens and investors.

Between being too reckless or too conservative, we prefer the latter.

Ironically, many of the rules put in place could strengthen the competitive position of our companies.

For the past 20 years, we have witnessed an unprecedented technological revolution.

Has the “value” style become obsolete?

As far as our portfolio companies are concerned, we are not experiencing any panic, even though their share prices have recently dipped...

We never try to anticipate market downturns...

This said, bargains have become rarer...

We keep in mind all the possible risks when we invest...

Our securities finally yielded the expected returns...

The problems which are ravaging Europe do not really concern us with regards to the holdings in our portfolio. Market anxiety leads to price falls, which actually makes valuations more attractive...

It is now timely to protect ourselves from a potential recovery in the Canadian dollar...

We estimate valuations to be more appealing now than they have been since the financial crisis...

The fund is now comprised of nine securities; we sold four positions and invested in three new companies. We also increased our position in...

Undoubtedly, the most important event of the year was the fall in oil prices. Until now, the impact has been mostly felt on our currency. The loonie has lost some of its feathers...

We believe that there is a subtle but very important distinction between investing and value investing. We will try to highlight that difference to help the reader better understand how...

It is generally recognized that investing in the stock market involves risk. However, there is no consensus among investors and academics as to the exact nature of this risk.