October 30, 2017

On Monday, the S&P 500 was down 0.3% while Toronto was up 0.3%.

TFI Industries was down 3.2% and I think it represents good value.

After the close, Canadian Western Bank announced an acquisition that they say will add ten cents per share to earnings in each of the next two years. That is positive. However, they also clarified to me that they have no intention of buying back shares at this time unless their share price drops. I was misled by a press release of a few weeks ago into thinking they would be buying back shares. It’s annoying to be misled by a press release that is legally accurate in form but misleading in substance (in my view).