Monthly Message

The Wutherich & Co. Composite was up 1.3% in June. This compares with the S&P/TSX being up 3.4%.

Some of the macro-economic fears that have been consuming investors for the last few quarters have abated allowing markets to have an uneven recovery. Focus is on a handful of names with everything else just toddling along.

We own a subset of “everything else”.

When we see an enormous amount of hype around one topic, in this case, Artificial Intelligence (AI), we think of all the “hype-cycles” of the past. The dot com boom of the late 90’s is a famous example, though there have been many others. We have always avoided hyped sectors and have done just fine over time. Are we off-side from time to time? Yes, but we can live with that.

As always, we are grounded in the fundamentals of good businesses that we think will be around for years to come. Goeasy (GSY), Evertz Technologies (ET) and Exchange Income (EIF) are examples in our portfolio and none of them trade for eye-watering multiples. GSY is one of Canada’s largest sub-prime and near prime consumer lenders. ET is a leading supplier of solutions to the broadcast industry. EIF is a diversified collection of aviation and manufacturing businesses. All of them are highly profitable with the prospect of years of growth ahead of them. These are the long-term names that we are happy to own.

Give us fundamentals over hype any time.

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Monthly Message The Wutherich & Co. Composite was down 1.8% in May. This compares with the S&P/TSX being down 4.9%. Debt ceiling battles in the US, Russia’s invasion of Ukraine, recession fears, inflation, higher interest rates, the health of the consumer, concerns about the banking environment and regulatory changes continue to weigh on markets, and […]

Monthly Message The Wutherich & Co. Composite was up 0.3% in April. This compares with the S&P/TSX being up 2.9%. Wil is travelling. We will not be providing the full Newsletter this month. He will get back to his usual vital, engaging, enlightening, elucidating and indispensable comments next month.   To view the complete Monthly […]

Monthly Message The Wutherich & Co. Composite was down 6.1% in March. This compares with the S&P/TSX being down 0.2%. Some of our names came off significantly in March, notably goeasy (T-GSY) and Hibbett Inc. (Q-HIBB). Recession fears, inflation, higher interest rates, the health of the consumer, concerns about the banking environment and regulatory changes […]

Monthly Message The Wutherich & Co. Composite was up 1.3% in February. This compares with the S&P/TSX being down 2.4%. The Wutherich & Co. Composite squeezed out another positive month in February as the world churns with uncertainty. We think our companies are well positioned to weather current economic and geo-political storms. Will they be […]

Monthly Message The Wutherich & Co. Composite was up 3.9% in January. This compares with the S&P/TSX being up 7.4%. As goes January, so goes the year? We certainly hope so, though we think there are an awful lot of hurdles to jump to make this happen. For the market as a whole, January saw […]

Monthly Message Happy New Year! The Wutherich & Co. Composite was up 1.5% in December. This compares with the S&P/TSX being down 4.9%. The new dance continues with December being another positive month for the Wutherich & Co Composite. We are happy to leave the 2022 Two-Step behind though we have always danced to our own […]

Monthly Message The Wutherich & Co. Composite was up 2.5% in November. This compares with the S&P/TSX being up 5.5%. To respect the choreography, November should have been two steps back. New dance? New dance partner? Hopefully one that doesn’t step on our toes quite so much. What steps do we need to learn to stay […]

Invitation Dear clients and friends, It will be good to see you again “live”! Please find attached the invitation to our upcoming “Wutherich & Co.’s Annual Update” first hybrid event taking place Wednesday January 18, 2023.   Chers clients et amis, Ce sera bon de vous revoir en personne! Vous trouverez ci-joint l’invitation à notre […]

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 […]