The Wutherich & Co. Composite was up 10.3% in November. This compares with the S&P/TSX being up 7.5%.
The Wutherich & Company Composite performed well in November with nary a mega-cap technology stock in sight. What it does contain are excellent small to mid-sized companies with reasonable valuations and good long-term prospects. Most just reported their recent quarterly results and, by and large, the numbers were excellent. There is an ongoing disconnect between valuations and fundamentals. Many of our names continue to trade at extremely low valuations despite very strong underlying business characteristics. A difficult geopolitical environment and a general malaise amongst investors may be the cause but one thing that I have learned over my thirty-one years as an investor is that, given time, the fundamentals win out. Of course, geo-political, macro-economic or some other disaster will affect this, but all things being equal, a stock’s price will reflect the prospects of its company over time.
In the case of the Wutherich & Company Portfolio, we think this will provide us with excellent long-term performance.
As we head into this holiday season, JF and I would like to wish everyone a Very Merry Christmas and Happy Holidays. We are also very much looking forward to welcoming you in the new year at our Annual Update on January 24, 2024 at the Mount Stephen Hotel, both in person and via ZOOM. Cocktails and hors d’oeuvres at 17:30, presentation at 18:00. Please let us know if you can attend by sending us an email at email@example.com or calling at 514-924-4438.
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