Here is the latest from Canadian Value Investors.
Q3 Updates on:
Whitehaven Coal – The Coal Train Rollercoaster
MEG – Buybacks good, and the Oilsands Alliance invoices are coming
Suncor – Teck deal thumbs up
Supremex – What a first month
But first, a few things from around the web:
The Crash of Crypto and FTX – The fall of FTX reminds us of the bucket shop speculation craze in the 1800s/early 1900s. FTX’s collapse is quite something. “It’s not like a normal [bankruptcy] filing where you’re lining up papers literally for weeks,” said Eric Snyder, chair of the bankruptcy department at law firmWilk Auslander, which isn’t part of the case. “Within 24, 48 hours this was on the ropes and done.” Yikes. Pretty wild for a firm that was valued at $32 billion. https://www.bloomberg.com/news/articles/2022-11-13/ftx-falls-into-bankruptcy-so-fast-court-papers-get-left-behind
John Hempton on FTX collapse – “In some sense crypto provides fast-track learning as to why we have banking and broker regulation in the first place.” http://brontecapital.blogspot.com/2022/11/ftx-and-old-blog-post.html
Andrè Kostolany: The Great Stock Market Operator Never Heard Of – An interesting overview of a man who made a fortune in things like defaulted German and Soviet Union bonds. “I am an oversea trader. I trade what others oversee.” (Andrè Kostolany) - https://undervaluedjapan.substack.com/p/andre-kostolany-the-great-stock-market
François Rochon of Giverny Capital Inc. Interview – “My rule of three: One year out of three the stock market will go down, one stock out of three that you purchase will be a disappointment, and at least one year out of three you will underperform the index. I think when you accept that the start you deal better with market fluctuations and mistakes you make with securities.” https://podcasts.apple.com/ca/podcast/we-study-billionaires-the-investors-podcast-network/id928933489?i=1000585977081