March 23, 2017 NAV = $14.95 Latest Market Update: $14.25 bid / $14.75 offer
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Investment Philosophy
Our Investment Philosophy is based on the view that the most attractive opportunities arise from situations that are overlooked or even given up for dead by traditional investors:
  • Income trusts that have ceased or reduced their distribution
  • Companies with hidden assets or misunderstood liabilities
  • Shares of companies lacking or losing institutional research coverage

However, uncovering opportunities is not sufficient to produce results. Our approach demands the following:

  • ability to see beyond current corporate and financial challenges;
  • patience and an investment horizon long enough for the markets to recognize the intrinsic value;
  • ability and experience to assess the viability of an operational turnaround;
  • ability to recognize and encourage catalysts to unlock value;
  • willingness to become actively involved to protect and increase the value of our investments; and
  • investing only when there is sufficient margin of safety / significant discount to the underlying and realizable asset values to provide protection when we are wrong.