March 10, 2014 Comments

On Monday the S&P 500 and Toronto were both about flat while the Dow was down 0.2%.

I sold off my Constellation Software. Possibly a bad decision because it is really great company. But it is expensive.

Toll Brothers was down 2.5% to $38.26. It is up a lot since our last update and the market is uncertain about where house prices are headed do it does tend to be volatile.

Canadian Tire voting shares are trying to prove me wrong as they jumped another 12% to $164. This was on 2,266 shares traded. With that kind of low volume it does not take much to push the price up if there is a few irrational buyers. Possibly someone is trying to accumulate voting shares, but I fail to see why. Only 9% of the voting shares trade and the rest are closely held by the dealers association, the profit sharing plan and a branch of the founding Billes family. So with 9% could one even demand a Board seat? And its not clear that anyone has accumulated even 1% let alone anything close to 9%.

Liquor Stores N.A. was down about 6% to $11.65. I will likely add a bit to my position especially if it dips a bit more.

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