2019

Semi-annual Letter

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

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2018

Annual Letter

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

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Semi-annual letter

Has the “value” style become obsolete?

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2017

Semi-annual letter

We never try to anticipate market downturns...

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Annual letter

This said, bargains have become rarer...

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2016

Semi-annual letter

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

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Annual letter

Our securities finally yielded the expected returns...

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2015

Semi-annual letter

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...

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Ad Hoc Letter - Currency Hedging Program

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

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Annual letter

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

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2014

Semi-annual letter

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

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Annual letter

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...

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2013

Semi-annual letter

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...

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Annual letter

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.

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