Cardinal Update – May 2020

Value Investing in a Covid-Driven Downturn – The S&P 500 and S&P TSX are now down just -11.6% and -14.5% respectively since the beginning of the year, an amazing recovery from March 23rd lows, down over -30%.

However, a big portion of the market’s gains have come from just a few companies, mostly technology. Consider that in the S&P 500, the median performance (meaning the point where half of stocks are below and half above) was -18.4%, almost 7% worse than the index performance. The median stock in Canada was similarly weak.

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