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 dance floor, watching all the action before us, but in our case, not feeling any need to join in. All the while, as the frantic back and forth motion continues in the markets, we think about the health of the companies in our portfolio. Very little has changed. While all are feeling the stresses of the current environment, most appear to be handling it quite well and are poised to prosper over the long-term.
Our holding in Points.com (PTS-T) has being acquired. This had added about 10% in additional cash to the portfolio. We are already happily deploying this in some of our favourite names at what we think are depressed current stock prices. While the near-term is as uncertain as always, our conviction remains high that these investments will deliver good long-term returns.
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