Monthly Message
The Wutherich & Co. Composite was up 3.5% in August. This compares with the S&P/TSX being up 1.6%.
Most of our companies have reported results for their recent quarters and, by and large, the numbers have been excellent. The market, however, is grudging in rewarding these results. Regardless, they support the valuations of the stocks in our portfolio. Collectively, though they are no longer ridiculously cheap, we still own several inexpensive stocks which should continue to drive long-term returns.
As the summer winds down the conference season winds up! September is always a busy time of year for company presentations. Though I used to enjoy trips to New York, Toronto or further afield to see these, I now enjoy a trip to my computer screen! Regardless, it is a good time for basic research where we hope to uncover one or two names to introduce to the portfolio. Though COVID remains a powerful overhang for any investment, not to mention day-to-day life, we’ve always had a strong conviction that there are many companies who are capable of surviving these difficult times and are worth owning.
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