Monthly Message

The Wutherich & Co. Composite was down 12.0% in September. This compares with the S&P/TSX being down 4.3%.

Definitely two steps back.

As we write this, the Wutherich & Co. Composite is up 5.4% so far in October. Now this may change in the coming days, but we wonder how our group of companies was worth 12% less than one month prior and two days later, worth 5.4% more? Clearly, there is a tremendous amount of fear and uncertainty in financial markets creating huge price swings. Fortunately, the underlying value of our companies does not swing that much on a month-to-month basis. When we see price moves of this magnitude, we always go back to the fundamentals of our holdings. While many of our companies are facing challenges, by and large, their prospects continue to be strong. We have no difficulty owning our names as long as our analysis indicates that they are good long-term investments.

If we can set geopolitical disaster aside, admittedly a big if, we feel our portfolio presents the most compelling valuation that we have seen for a long time.

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Monthly Message The Wutherich & Co. Composite was up 2.8% in August. This compares with the S&P/TSX being down 1.6%. Stutter Step during August? We have been talking about the Two Step in the last few Newsletters as it seems that the Wutherich Portfolio is taking two steps forward one month and two steps back the […]

Monthly Message The Wutherich & Co. Composite was up 7.5% in July. This compares with the S&P/TSX being up 4.7%. The Two Step continues (please read the last two Newsletters for context)! Our Calgary based clients would be so pleased, especially in July, the month of Stampede. We sit like wallflowers, at the edge of the […]

Monthly Message The Wutherich & Co. Composite was down 9.2% in May. This compares with the S&P/TSX being down 8.7%. Two steps forward, two steps back. Sometimes I hate being right (please don’t tell that to my wife) as we clearly experienced the latter part of this pattern in June. Last month, we wrote the above […]

Monthly Message The Wutherich & Co. Composite was up 7.8% in May. This compares with the S&P/TSX being up 0.1%. Two steps forward, two steps back. At least, that’s the way it feels. We have seen large monthly gains offset large losses in the Wutherich & Co. Composite for some time while little has changed […]

Monthly Message The Wutherich & Co. Composite was down 5.5% in April. This compares with the S&P/TSX being down 5.0%. Geopolitics and the macro-economy continue to create turbulent waters. While some of our companies are being affected by swirls and eddies, most are flowing along just fine. We don’t mean to be flippant. We take the […]

Monthly Message The Wutherich & Co. Composite was up 4.2% in March. This compares with the S&P/TSX being up 4.0%. Though March showed a small recovery, geopolitical and macro-economic factors continue to weigh on the markets and the Wutherich & Company Portfolio. Our way to counter that is to focus on the prospects of the […]

Monthly Message The Wutherich & Co. Composite was down 3.7% in February. This compares with the S&P/TSX being up 0.3%. The Russian invasion of Ukraine, Covid, inflation, interest rates and the supply chain continue to impact the market and the Wutherich & Company Portfolio. While the major US indices have performed similarly to the Wutherich & […]

Monthly Message The Wutherich & Co. Composite was down 9.0% in January. This compares with the S&P/TSX being down 0.4%. Yes, down 9%. Russia, Covid, inflation, interest rates and the supply chain are all impacting the market. Covid and the supply chain are having specific impacts on some of our companies, often more so than expected. […]

Monthly Message The Wutherich & Co. Composite was down 1.1% in December. This compares with the S&P/TSX being up 3.1%. Happy New Year! December marked a quiet end to an exceptional year. At 34.3%, 2021 was the second highest annual return that we have had for the Wutherich & Co. Composite. A pandemic-free 2004 marked […]