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This post can only be appreciated by long (very long) time stockholders.


Today we touched a milestone of an all-time new high (in Canadian Dollars).  It took nearly 15 years (hard to believe) to touch the high achieved back in February 1999.  Much water has flowed under the bridge with many lessons we have hopefully both learned and earned over this timeframe and for the future.


I often remind myself to remember Napoleon.  After many successful battles, he thought he was invincible and decided to attack Russia to an ultimate result that was not in his calculations.  Similarly after many successful purchases/mergers, FFH ran into difficulties as two purchases nearly resulted in disaster for the entire company.


We do not know the future but this author has a strong belief that the building blocks are present for a strong one and here is to the next 10-15 years with always remembering Napoleon!, and leaving this milestone in the dust.





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Funnily enough I'm reading a history of Waterloo at the moment.  Amazing how easily it could have gone the other way but as a Brit, I can't help but feel a little smug reading Napoleon's dismissal of British infantry and Wellington on the eve of the battle.  I didn't realise he hadn't faced either directly before, but he misjudged both.


More importantly perhaps, he misjudged Blucher.


Unfortunately the book does not help me know what will happen to stocks, but I'm not sure I'd have wanted Napoleon as my fund manager!



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