Monthly Message

For January, the Wutherich & Co. Composite was down 1.4%.

Trump Chaos 2.0 is starting to roll through the markets. For now, it is in the form of Trump Tariffs. While much of the portfolio has relatively little direct exposure to these, several of our export-oriented names will feel their effects for some time to come. The financial and market position of most of our names is very strong and should help them weather this storm. Much as we did with Covid, we will continuously assess a company’s vulnerabilities. If we detect that they will not be able to cope, we will eliminate the position.

Fortunately, we start from a place where valuations in the portfolio are not stretched, which should support long-term returns. Trump’s actions may also bring down the valuations of other companies that we would like to own. We are always looking for new names to add to the family. Any market disruption should help us do this at favourable prices.

As with 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 have always found our way through and will do so again this time.

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