Monthly Message
The Wutherich & Co. Composite was up 8.2% in October. This compares with the S&P/TSX being up 5.6%.
And the Two Step continues.
Will October’s advance be met with two steps back in November? We don’t know but what seems likely is that the market and the Wutherich & Co. Composite will continue these wild swings until there is some resolution to Putin and inflation. While this plays out it is important to note that very little has changed amongst the companies that we own in the portfolio. While some cracks may have formed in their operations, we see no chasms. Our companies seem quite capable of dealing with macro-economic and geopolitical forces.
We will have a chance to look at all of this in detail as many of our companies will be reporting their most recent quarters in the next few weeks. While some surprises will undoubtedly occur, we are not anticipating much disruption.
We continue to think our portfolio presents the most compelling valuation that we have seen for quite some time. This should support strong long-term returns.
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