Monthly Message

The Wutherich & Co. Composite was up 2.7% in September. This compares with the S&P/TSX being down 2.1%.

We continue to scratch and claw our way back to fair value in the Wutherich & Company Portfolio. We have rebounded 88% from our March lows. Sure, the pandemic has had an impact on our companies but most continue to do quite well and have bright prospects for future growth. Because they are not the 5 or 6 marquee names that are driving the market, it may take a while for their underlying value to be realized. But it will happen over time. Most of these companies have the balance sheet, products or services that will be in demand, coronavirus or not. Though some of our stocks have appreciated dramatically in the last few months, a few of them remain astoundingly cheap. While the ride may not be smooth, the overall valuation of the portfolio should support strong capital appreciation for years to come.

A November or January Annual Presentation at the Mount Stephen Hotel seems unlikely this year. For the last 20 years we have done some version of this event for our clients, friends and contacts. JF and I have thoroughly enjoyed hosting it and will dearly miss doing so this year. JF and I think we look absolutely smashing in business suits with a glass of wine in our hand (in JF’s case, a glass of wine in each hand). We are looking at doing a virtual meeting via Zoom or some other platform. Please let us know if this is something that would interest you. JF and I will get back to you shortly with any arrangements that we make.

To view the complete Monthly Message and Factsheet click here