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 current environment very seriously and recognize how negative an impact world events could have on all of our names. In recent conversations with our companies, most of them are managing their respective challenges very well. As with crises in the past (the tech crash and bear market of 2000 to 2002; the financial crisis of 2008-2009; the Covid pandemic of 2019 to present and now the overlay of the Ukraine war) we are constantly thinking about how our companies’ valuations are being impacted by factors within and outside of their control. Though a few of our names may stumble further that I am anticipating, most look to get through this crisis in excellent shape. As with crises past, it has always paid to stay patient.
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