Monthly Message

The Wutherich & Co. Composite was down 3.0% in June. This compares with the S&P 500, down 1.9%, the DJIA down 2.1%, the NASDAQ down 1.6%, the S&P/TSX down 2.8%, while the BMO Small Cap Index was down 3.6%.

Greece is the word, though we don’t believe the country’s debt crisis will have a lasting impact on the companies that we invest in. As this plays out, our search for reasonably priced stocks continues. As we have discussed in recent Newsletters, this remains difficult. Time and again, we start to research an interesting company only to discover that it is very expensive relative to its long-term growth profile. However, the depressive effect that Greece and other international events are having on the market is starting to cheapen some stocks. We have cash in the portfolio and hope to use it to buy good quality companies that might be unduly punished in the current environment.

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