Happy holidays from the Canadian Value Investors Team!
As the year draws to a close, we reflect on the incredible investing journey we've shared with all of you. Your support and lively engagement have been the cornerstones of our success. It's been a year of forging new relationships, sparking meaningful conversations, and sharing joyful investing moments.
Let’s take a stroll down memory lane. We covered a lot of interesting situations like:
PHG (Jan 8): Our analysis "Is Koninklijke Philips a wonderful Christmas gift, or a lump of coal?" hit the bullseye, as PHG shares turned out to be gold.
Petrobras PBR.A (Feb 13): The portfolio shift from MEG to PBR.A, covered in "Petrobras – Thinking about Pricing Political Risk," paid off brilliantly.
Solitron SODI (June 22): In "Solitron Devices: Is Tim Eriksen building a baby Berkshire?", it seems like he just might.
We also covered companies like SENEA, ACIC, ATVI (cheers to the Federal Trade Commission!) and had enough odd lot trades throughout the year to generously fill our Christmas stockings.
Of course, not every venture was smooth sailing and not all news was great . Taiga Building Products presented a tumultuous journey that ended up yielding a negative -1.34% return before dividends and positive 6% only after the surprise November dividend. We also spent time navigating through macroeconomic stories like FRC and banking sector turbulence, when there were much simpler paths to investing success. As Buffett says, in investing “you don't get any extra points for the fact that something's very hard to do.” Sadly, this year we bid farewell to legendary investors Charlie Munger and Sam Zell, whose wisdom and spirit continue to inspire us.
As we look towards 2024, our spirits are high and our goals ambitious. We're on the hunt for the next tenbagger with all of you, fueled by optimism and value investing principles.
In the words of Charlie Munger, “spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day—if you live long enough—like most people, you will get out of life what you deserve.”
Here’s to a prosperous 2024!
Happy Holidays!
