Monthly Message

For February, the Wutherich & Co. Composite was down 7.0%.

Trump Chaos 2.0 continues to weigh on our portfolio and the markets in general. Trump Tariffs and his geo-political hijinks are creating intense uncertainty and discomfort amongst investors and the population in general. When we examine our portfolio, we find limited direct exposure to these events but the negative psychology that they generate is clearly casting a pall over these investments.

As we have done with every crisis in the past 33 years (Y2K in the late 90’s, the Tech Crash of the early 2000’s, the ’08-’09 financial crisis, Covid, the Ukraine War and smaller crises along the way) we go back to the fundamentals of each of our holdings. We re-evaluate the strengths of our companies’ products and services, management, financials and other parameters. While some of our companies will be very sensitive to tariffs, the bulk of our portfolio looks strong and should weather this storm. Our tariff-sensitive companies often have unique products/services that would be difficult for their US customers to substitute for, giving them considerable strength in sustaining sales.

With most of our companies trading at reasonable valuations (in some cases, downright cheap valuations), we feel we have the foundation for strong long-term returns.

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