FirstService is updated and rated Weak Buy / Hold at $US. 49.95 or CAN $58.49. Due to both its cyclical nature and to a number of accounting complexities it has a been a difficult company to value or predict. I have always thought that it was well managed. It may be worth investing in based on its management. It will also benefit if the U.S. economy continues to improve. It’s unfortunate that I cannot be more definitive in rating this and other companies as either a buy or a sell. But in theory the stock market is supposed to do a good job in valuing companies and when it does most companies should be rated Hold. It is only a minority of companies that tend to look like clear Buys or clear sells at any given time. Canadian investors face currency risk in investing in FirstService. This is the case even when it is bought on Toronto. Currency risk is linked to where the earnings come from, not from where a stock trades. For this company, the price on Toronto will fall if the Canadian dollar rises, all else equal.