Blog | TV Appearances | Press | Announcements | Relationship Disclosure Information

Take That Double-Double To Go
Long term holders of Tim Hortons have now, counting dividends, about quadrupled their money. Now that’s a double-double we can all love. So it is with regret that we have sold our holdings in this long-held core position. Here are our reasons: 1. The price is very attractive. We thought the stock was expensive in the $65 [...]
Home Capital Group: A Promising Alternative to a Tired Bank
As investors digest this week’s slew of bank earnings, slower loan growth appears to be a recurring trend. Last Friday, the Royal Bank of Canada reported its mortgage book grew an unexciting 4 percent year-over-year. More information about the state of Canada’s housing market will become known in the quarters ahead. While Canadian housing prices continue to set [...]
I like stocks and I cannot lie.
There are parts of the market that are frothy and there are parts that are extremely cheap. Bull market, bear market; this has always been the case.  The names may change but the culprits are always the same. When you invest in pie in the sky, expect to get the pie [...]
Own more with shrinkage
“If a fine business is selling in the marketplace for far less than intrinsic value, what more certain or more profitable utilization of capital can there be than significant enlargement of the interests of all owners at that bargain price?” -Warren Buffett Shrinkage. Not a topic one usually brings up at the dinner table. But as [...]
Apple Deserves a Market Multiple
US Federal Reserve Chair Janet Yellen raised eyebrows earlier in the month following comments that certain sectors of the stock market are trading at inflated valuations. Yellen noted in particular that biotechnology and social media stocks presently accompany lofty forward price-to-earnings multiples. Though attracting far less attention than Alan Greenspan’s “irrational exuberance” remarks some 17 [...]
Long Live Buy and Hold
LONG LIVE BUY AND HOLD! Warren Buffett has said that his favourite holding period for a stock is forever.  That might be taking buy and hold investing to an extreme, but we share the general sentiment.  We recently looked at our record as buy and hold investors, and discovered some interesting facts.  When we examined the [...]
Finding Value in the Retail Sector
Signs of economic improvement continue. On Friday, nonfarm payroll data in the United States showed that the economy added 288,000 jobs in the month of June. This represents four consecutive months of job gains in excess of 200,000. Said another way, 997,000 total jobs were created over the past 120 odd days. Compare this to [...]
MARKETS ARE AT RECORD HIGHS. DON’T WORRY, BE HAPPY
People are worried about the stock market. We can tell because we get phone calls. This happens pretty much every time the markets hit new heights, and I guess it’s not surprising. After all, we are by definition in uncharted waters, and who knows what might happen next? Certainly the news media are doing their [...]
High Liner Foods: An Obvious Takeover Target
In recent months, it has been rare for a morning to pass without news of another merger or acquisition crossing the business wire. Bloomberg News reported last week that global deal volume will total $992B this quarter. This represents the most active M&A market since Q3 in 2007, one year prior to the Lehman Brothers [...]
Rogers has at least $5B of hidden value
Investors in Rogers Communications have every right to be in a sour mood. Competitors, BCE and Telus, have seen their stocks go straight up, while Rogers has done nothing. With a new CEO trying to make a name for himself it may be time to shake things up. And shake them up in a dramatic [...]