attractive risk-adjusted returns

2019 Q2 - Investment Letter (Portfolio Rebalancing)

June 30, 2019in Investment Letters0by YCG Team

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2019 Q2 - Investment Letter (Portfolio Rebalancing)

The S&P 500 Index returned 4.30% in the quarter ended June 30, 2019.[1] In our last letter, we described our investment strategy in great detail. At the end of the letter, we summarized our strategy as follows: In summary, we believe the best way to achieve excess returns without excessive risk is to 1) identify …

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2019 Q1 - Investment Letter (Our Investment Strategy)

March 31, 2019in Investment Letters0by YCG Team

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2019 Q1 - Investment Letter (Our Investment Strategy)

The S&P 500 Index returned 13.65% in the quarter ended March 31, 2019.[1] In our last letter, we noted the 13.52% decline in the S&P 500 that occurred during the fourth quarter of 2018. We then discussed the pain and discomfort many people experience as a result of these types of declines. As an antidote …

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June 30, 2018in Investment Letters0by YCG Team

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2018 Q2 - Investment Letter (Process)

The S&P 500 Index returned 3.43% in the quarter ended June 30, 2018.[1] We believe an investor who aspires to achieve attractive risk-adjusted returns must first identify at least one exploitable and persistent investment mispricing. In our case, as we’ve discussed in past letters, we believe we’ve identified two: 1) a great business mispricing that …

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2016 Q1 - Investment Letter (Wells Fargo)

March 31, 2016in Investment Letters0by YCG Team

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2016 Q1 - Investment Letter (Wells Fargo)

After a more than 10% decline over the first twelve trading days of the year, the S&P 500 rallied all the way back to end the first quarter with a 1.35% gain.[1] As we highlighted in our last letter, the 10% decline was the second worst start in the history of the index. At the …

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December 31, 2012in Investment Letters0by YCG Team

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2012 Q4 - Investment Letter (MSCI)

Last year seemed to be a year marked with great uncertainty yet extraordinary returns for investors. Indecision over unsustainable entitlement spending and deficits in the U.S., European debt crisis, China slowdown, U.S. corporate profit growth stalling, and Middle East turmoil all contributed to this uncertainty. We consider ourselves very long-term optimistic, but short-term cautious. We …

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2011 Q4 - Investment Letter (Corning & CR Bard)

December 31, 2011in Investment Letters0by YCG Team

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2011 Q4 - Investment Letter (Corning & CR Bard)

2011 saw political revolts in Egypt and the Middle East, a tsunami in Japan, commodity prices spiking, housing prices double-dipping, stubbornly high unemployment, a Greece bail-out, a U.S. debt downgrade, an ongoing sovereign debt crisis in Europe, and signs of slowing in China. After such a rollercoaster year, we were surprised to notice the S&P …

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