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Other Value Investors in Canada ?


Shawn
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First off Happy New Year COBF !!!!

 

Basically all I'm asking is, what other Value Investors do you know of in Canada ? I'm extremely curious to know of them. I know of Prem Watsa, Francis Chou, Tom Stanley, Vito Maida, Irwin Michael to name a few but who else is there ? I mean the aforementioned can't be all we have to offer :( .....

 

Doesn't matter if they're big or small what other value investors exist out here in Canada ??

 

 

I know there's a whole gang of em out in the States, but what about Canada ?

 

 

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I was also about to mention Riverside Capital, Kyle Holmes is a membership here and sometimes posts.

 

Which brings to mind, George Athanassakos who teaches at Western and is the dean of the Ben Graham school there, which is where I met the Riverside guys and when I did, I realized that these kids (they're less than half my age) had already forgotten more about value investing by the time they were 20 than I will ever know over the rest of my life.

 

There is a book with a rather cheesy title: Stock Market Superstars - most of the guys in it are value investors, they're all Canadian and it's a good read.

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  • 1 year later...

I wanted to put a post in about a canadian hedge fund manager I came across but it looks like he was already mentioned here.  At any rate, I came across Donville Kent, a hedge fund managed by Jason Donville.  If you read his letters he has an approach and outlook that would be very familiar to those on the board.  I came across the guy as he owns a couple of other stocks I am familiar with (Constellation and Valeant).  Reading through his site, I was able to add a few more holdings of his to my watch-list.

 

This quote from the most recent report gives a good taste of his approach:

 

Regardless of how we think the market will perform in 2014, we will continue to focus our investment strategy on a small basket of companies that we think are capable of delivering superior returns on shareholders equity over extended periods of time. We think that security selection (i.e. stock picking) is more important than market timing. And that is not to say that market timing isn’t valuable. It certainly is if one could actually do it, but people like Warren Buffett don’t believe it is possible – and neither do we. Thus, our strategy remains focused on owning outstanding companies that can deliver high ROE’s in all economic environments.

 

http://www.donvillekent.com/pdf/DKAM-Newsletter_January_2014_Final.pdf

 

He references home capital group in the newsletter, which apparently has been growing 20%+ for over a decade.  I am going to do some digging on it but it looks like it has already run up considerably.

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Guest 50centdollars

I was also about to mention Riverside Capital, Kyle Holmes is a membership here and sometimes posts.

 

Which brings to mind, George Athanassakos who teaches at Western and is the dean of the Ben Graham school there, which is where I met the Riverside guys and when I did, I realized that these kids (they're less than half my age) had already forgotten more about value investing by the time they were 20 than I will ever know over the rest of my life.

 

There is a book with a rather cheesy title: Stock Market Superstars - most of the guys in it are value investors, they're all Canadian and it's a good read.

 

Here is the Tim McElvaine chapter:

http://mcelvaine.com/wp-content/uploads/2010/03/McElvaine-Stock-Market-Superstars-2008.pdf

 

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Anybody familiar with ABC funds (Irwin A. Michael)? I don't know them but I've been following their website for a couple of years as a source of ideas: http://www.valueinvestigator.com/en/valuefavourites/ . They maintain a sort of blog about their biggest positions online and also have an archive with updates about past holdings. For all major holdings of the past decade you can see what they thought when they bought it, what happened in the meantime and why they decided to sell. As far as I know, such transparancy is quite unique and I like it. No clue about the performance of their funds though :) .

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There is a good shop called Turtle Creek in Toronto. They've done something close to 30% a year for 15 years and not a lot of people have heard of them.

 

I think what you will find is that almost any boutique asset manager in Canada will label themselves "value investors" yet the vast majority are just value pretenders. I have friends who work/worked at a number of these "value" shops. Many of them turn out to be closet indexers (150 stock portfolios) and many are mostly marketing oriented.

 

You will see their partners on BNN all the time; they just can't beat the index (especially after a 2.5% management fee).

 

 

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Anybody familiar with ABC funds (Irwin A. Michael)? I don't know them but I've been following their website for a couple of years as a source of ideas: http://www.valueinvestigator.com/en/valuefavourites/ . They maintain a sort of blog about their biggest positions online and also have an archive with updates about past holdings. For all major holdings of the past decade you can see what they thought when they bought it, what happened in the meantime and why they decided to sell. As far as I know, such transparancy is quite unique and I like it. No clue about the performance of their funds though :) .

 

maybe I'm reading it wrong, but the performance doesn't seem that great (also, that is a horrible format to present performance in):

http://abcfunds.com/en/our_funds/performance_review.shtml

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There is a good shop called Turtle Creek in Toronto. They've done something close to 30% a year for 15 years and not a lot of people have heard of them.

 

Thanks for pointing them out, I've started reading their public letters and they're interesting so far.

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There is a good shop called Turtle Creek in Toronto. They've done something close to 30% a year for 15 years and not a lot of people have heard of them.

 

Thanks for pointing them out, I've started reading their public letters and they're interesting so far.

 

Wow, pretty amazing.  I guess there's no way to see what they've been buying?

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