Monthly Message

The Wutherich & Co. Composite was down 6.0% in September. This compares with the S&P 500, down 2.5%, the DJIA down 1.4%, the NASDAQ down 3.3%, the S&P/TSX down 3.7%, while the BMO Small Cap Index was down 5.7%.

September marked the end of the third worst quarter that we have had since we started the Wutherich & Co. Portfolio. Not surprisingly, the two worst were the third and fourth quarters of 2008. Back then, the popular belief was that the world was ending, now it just appears to be slowing. We don’t believe that we merit the 30% drop that we have seen in our portfolio since March of 2014. While our current portfolio may not be as universally cheap as it was in early 2009, it now contains many inexpensive names. The overall value in the portfolio is the best that we have seen since those tumultuous times. That is not to say that the portfolio can’t go down further from here, but for the first time in several years, we feel the odds are on our side. We strongly believe that the portfolio will be much higher in the next five to ten years.

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