Discussing great businesses with fun people. NFA, DYODD. 🇨🇦 🇫🇷 🇬🇧
Toronto, ON
Joined November 2021
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Definitely my best purchase this year. $CSU.TO 😄
Congrats to shareholders on another solid quarter. 19% revenue growth. A compounding machine 🙌🏽
Brookfield Asset Management never disappoints. 💪🏽
Another great quarter, as expected
$BAM.TO
A strong quarter for Thomson Reuters. $TRI.TO
• Legal: +9% organic growth
• Corporates: +10%
• Tax, Audit & Accounting: +10%
• Adjusted EBITDA +10% to $651M
• Adjusted EPS +14% to $0.81
• Big 3 segment guidance is unchanged
Thomson Reuters has decades of specialized information, trusted content and established customer relationships that are being integrated into increasingly sophisticated AI-powered workflows.
Strong competitive positioning, attractive recurring revenues and multiple avenues for long-term growth.
They continue to deliver exactly as advertised.
CEO Steve Hasker explains concisely in the above clip $TRI ‘s competitive advantage and why AI is unlikely to break their business.
A good one to listen to!
@TheWiseIC @DrunkDividends @CDInewsletter @AJButton2 @LazaroInvestor @SettlingNomad_
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$KITS.TO one of the best 🇨🇦 small caps, no doubt. This is a business that will compound for years… and it’s still early!
Have been invested with them for longer than the entire pictured period… and every quarter with no exception, I have grown more impressed.
It’s been exciting watching this org grow more sophisticated in everything from their product offering to experiences, launching new stores, and even just how they communicate.
$KITS.TO
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Great earnings for Fairfax. $FFH.TO
• $378M in profits from associates
• $524M in underwriting profit
• $669M in dividends & interest income
• Book value per share up 8.4% YTD
• Sleep Number acquisition by Sleep Country completed ✅
• 80% investment in Andrew Peller completed ✅
• Selected by the Indian government to acquire a majority stake in IDBI Bank. An incredible achievement.
• Partnering with Wittington (Weston family) on the acquisition of Boots Group, the leading pharmacy and beauty retailer in the UK and Ireland.
I don’t know how anyone could dislike this company. This is empire building in action. An incredible business model, world class management, disciplined capital allocation and diversification across sectors and geographies.
Canada’s Berkshire! 🇨🇦
No
Not because of valuation (I think it’s still very cheap)
But because it is already a large piece of my portfolio and there are other cheap companies I am still interested in buying more of ie. $UBER
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Update. $FFH.TO all time high 💪🏽
Fairfax Financial performance has been lacklustre over the last year or so.
But zoom out and you’ll notice an outstanding long term return…
And even over a relatively short period of time ie. since Aug 30 2024 when I started a position:
Price: C$1,619 to C$2,501.52 is a 22.3% annualized CAGR. Not including dividends.
Not too bad at all! We’re in this for the long term. 💪🏽
$FFH.TO
Fairfax Financial performance has been lacklustre over the last year or so.
But zoom out and you’ll notice an outstanding long term return…
And even over a relatively short period of time ie. since Aug 30 2024 when I started a position:
Price: C$1,619 to C$2,501.52 is a 22.3% annualized CAGR. Not including dividends.
Not too bad at all! We’re in this for the long term. 💪🏽
$FFH.TO
Completely agree 🐐 $FFH
I am not terribly active in my investing; instead, I have built large positions in organizations who are prolific dealmakers themselves. They do the investing for me!
$BN.TO Brookfield Corporation
$CSU.TO Constellation Software
$FNV.TO Franco Nevada
$FFH.TO Fairfax Financial
These 4 alone are creating tons of value while I sleep. Excited to watch them keep compounding for a long time.
What businesses did you buy expecting them to invest on your behalf?
Walked past the Toronto $TRI.TO office today. A wonderful business and brilliant Canadian success story. 🍁
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Canadian National Railway BEATS on revenue and eps. 🙌🏽
🟢 +14% revenues (constant currency)
🟢 +17% adjusted eps (constant currency)
🟢 +25% YTD free cash flow
🟢 Reaffirming full-year guidance while tracking “towards the upper end of the range”
In an age of AI and tech uncertainty, $CNR.TO provides stability. Happy to be a long time shareholder.
Since becoming a $CNR.TO shareholder in 2019, I’ve watched this company navigate many serious challenges, including:
2019: Nationwide rail strike
2020: Wet’suwet’en blockades + COVID
2021: Polar vortex, wildfires, drought & historic BC floods
2021: Failed $30B+ Kansas City Southern merger attempt
2022: 2-week IBEW strike
2023: Record wildfires + 13-day BC port strike
2023–24: Panama Canal drought & Red Sea disruptions
2024: Jasper wildfires + nationwide rail shutdown
2025-2026: US-Canada trade war
One crisis after another. Yet CN kept moving and always recovered its network.
That’s the long-term thesis:
North America will need to move raw materials, energy, agricultural products, manufactured goods and consumer necessities regardless of pandemics, political disputes, labour disruptions or economic cycles.
CN owns and operates an irreplaceable piece of the infrastructure that makes that possible. Its network, right-of-way, scale and strategic importance would be extraordinarily difficult and expensive to replicate.
The world will keep throwing challenges at CN. But the underlying need for what it does isn’t going away.
After everything since 2019, CN will remain an essential part of our economy for decades to come.
Short-term adversity…. long-term necessity! That’s why I’m still holding. 🚂
$CNR.TO
Continuing my tradition of 2024/2025, I will post all my stock decisions for 2026 in the following thread. 🧵
Starting with our first decision of the year:
Date: Jan 6
Action: Buy (Add to position)
Stock: $XEQT.TO
Price: C$40.79
Rationale: Reinvested dividends into core long term holding
