Monthly Message

The Wutherich & Co. Composite was down 6.3% in July. This compares with the S&P 500, up 2.1%, the DJIA up 0.5%, the NASDAQ up 2.8%, the S&P/TSX down 0.3%, while the BMO Small Cap Index was down 7.3%.

The world has moved on from the Greek crisis for now and is focusing more on slowing global and Chinese growth. Commodity prices have suffered in this environment, and along with them, many of the stocks that we have invested in. While we do not only invest in resource stocks, the ones that we do own have had an outsized impact on our performance over the last several quarters. Believe me, we feel the pain but are not panicking as a result. When we are convinced that a position cannot deliver its target rate of return, we will trim it. In the meantime, we are holding many of our names, provided they demonstrate an ability to survive and even thrive in this environment. As always, we continue our search for reasonably priced stocks. Though difficult, several names that we monitor are drifting into range and we would love to own them at the right price.

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