tag:blogger.com,1999:blog-9031526429482744032.post2355714799277115165..comments2024-03-27T08:05:06.228-07:00Comments on Don't fuck with Donville: ROE reporter - april 2016Penetratorhttp://www.blogger.com/profile/01670644029306203741noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-9031526429482744032.post-37525520096314983912016-05-04T13:59:32.728-07:002016-05-04T13:59:32.728-07:00I own some shares of Linamar. It'a a great com...I own some shares of Linamar. It'a a great company, in an industry full of volatility. The ROE is not decent: it's great.Penetratorhttps://www.blogger.com/profile/01670644029306203741noreply@blogger.comtag:blogger.com,1999:blog-9031526429482744032.post-58852952792713118892016-05-04T09:04:35.862-07:002016-05-04T09:04:35.862-07:00What are your thoughts on linamar? ROE is decent ...What are your thoughts on linamar? ROE is decent and so is growth in top and bottom line. I suppose it's autos so it's cyclical but its trading at less than 7xvalueinvestorhttps://www.blogger.com/profile/12358806830019377673noreply@blogger.comtag:blogger.com,1999:blog-9031526429482744032.post-427700756047781412016-05-03T04:35:14.884-07:002016-05-03T04:35:14.884-07:00I don't see what's so great with MTY these...I don't see what's so great with MTY these last years: OK growth but high price.Penetratorhttps://www.blogger.com/profile/01670644029306203741noreply@blogger.comtag:blogger.com,1999:blog-9031526429482744032.post-9683312972859351412016-05-02T15:53:44.041-07:002016-05-02T15:53:44.041-07:00I also read the ROE reporter with enthusiasm today...I also read the ROE reporter with enthusiasm today. For me, I've decided it's time to sell my CSU shares and go full throttle into Nobilis. I can see myself going back the other way in 6 to 8 months. Alternatively, perhaps some of the other picks Jason pointed out.<br /><br />I still love CSU, but my average SP was below $100 and I really feel like Nobilis is about to hit its stride in a very big way.<br /><br />I'll definitely be following MTY a lot more closely now. It was great to read all that detail today.<br /><br /><br /><br />James Rankinhttps://www.blogger.com/profile/07053076295595376315noreply@blogger.comtag:blogger.com,1999:blog-9031526429482744032.post-46516070666862267082016-05-02T03:49:07.490-07:002016-05-02T03:49:07.490-07:00I don't really like Philippe Leblanc with his ...I don't really like Philippe Leblanc with his fucking lessons that always look like: "here's how I invest and how I live my life, you should do the same".Penetratorhttps://www.blogger.com/profile/01670644029306203741noreply@blogger.comtag:blogger.com,1999:blog-9031526429482744032.post-79362654882795965142016-05-01T12:23:51.788-07:002016-05-01T12:23:51.788-07:00Very insightful letter from Jason as usual... I en...Very insightful letter from Jason as usual... I enjoyed the MTY Food appendix; first time he added such details. <br /><br />Some discussion points:<br /><br />1) I own 8 "Compounders" and 1 "Emergining Compounder" out of 20 Canadian stock portfolio. I susepct most readers of this blog will have similar - as the premise is that we are all Donville followers.<br /><br /><br />2) Having 9 of his picks, I was surprized that I actually beat Donville's Q1 -9.3% performance versus my -6.5% when I equal-weight (for simplicity) my 20 stocks. I will stuggle for the rest of 2016 due to my -69.1% Valeant disaster weighing down. As we last know, Jason was down to 0.5% weigh in VRX - so it would not have affected his results much in Q1 whereas it affected 5% (1 out of 20) of mine. He did not list it in his "Compounders" anymore... OK let's move on!<br /><br /><br />3) Someone should tell Jason that it is "Alimentation Couche-Tard", not "Alimentation Couche-Tarde"... If I recall, this is the second time he has that typo. Maybe he extracts from the database and never fixed!<br /><br /><br />4) I am concerned with Concordia Healthcare, and hope Jason won't pull another Valeant stinker (say he sold all after having top picked and defended several times like he did with VRX out of the blue - and out of his style). I notice that he greatly lowered his expectations for CRX:<br /> - April letter ROE=21, P/E=6.8. assuming P=? Say P=$33 on 3/31<br /> - Jan letter: ROE=24, P/E=3.6, assuming P=? Say P=$56 on 1/1.<br /><br /><br />5) I recently got into Logistec too when I sold VRX (depressing that it may take me 7 years to recup one-day 50% loss in Valeant - but a much safer and better pick going forward). What are Substitutes to container loading at ports. They cannot fly containers that weigh tons of tons. Add honest Paquin as CEO and share buyback...<br /><br />Anyways, interesting that Jason mentions Leon's Furniture... This is high on my watch list and owned it in the past. Not high growth like Jason mentioned, but like Philippe Cote (COTE100 for the Quebecers on the blog) said, you don't need high growers to make money. Having slow growers who are great capital allocators with honest management over the long term will add value. He was quoting Metro.... I think Leon's fits this. OK stock did not do much in last 5 years. But they finally integrate the Brick now (IT system integration done), pay $50 to 70M of debt per year, have long term competent Management. I will wait one year though as Alberta economy will whack their results this year. But Buffet liked the furniture business, quoting his Mrs B stock from the furniture owner from Nebraska... Anyways, not a Donville type stock but interesting he mentioned it.Jon1980https://www.blogger.com/profile/17772492035466024166noreply@blogger.com