November 13, 2017

On Monday, the S&P 500 was up 0.1% while Toronto was down 0.1%.

AutoCanada was up 2.8% adding to Friday’s 9.2% gain which was in response to its Q3 earnings release.

Constellation Software was up 1.4%.

FedEx was up 1.5%.

CRH Medical was down 1.0%. It seems likely that tax loss selling is contributing to the recent declines. Last week, the company announced it had approval to buy back shares. No such repurchases have yet been reported which could be due to a lag between purchasing and reporting or it could be that no shares have been repurchased.

My next update will be for VISA Inc. It’s up 43% this year. I have long said that VISA functions as an oligopoly or duopoly when it comes to consumers choosing between it and MasterCard (and sometimes American Express or other cards). And I have said it is more of a monopoly from the point of view of merchants who in most cases have no real choice but to accept it. Its stock price reflects its remarkable market power and so it will not likely look like a bargain but I have not ran the numbers yet.