Cardinal Update – November 2017

RESEARCH PROCESS IN FOCUS: IDEA GENERATION – In our regular correspondence, we tend to discuss why we bought, sold, or continue to hold stocks in the portfolio. This month, we thought it would be interesting to describe the process in how we actually come up with these ideas.

The first step is identifying the stocks we wish to research further. There is no magic formula here and we believe that the wider you cast your net, the more fish you’ll catch. Thus, we read a wide assortment of company financial reports and we also read broadly: newspapers, magazines, books, and trade journals……

COMPANY FOCUS:  INTACT FINANCIAL – A year following our initial purchase of Intact Financial, we are happy with the share price performance (up approximately 12%) and take this as an opportunity to review the thesis……

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