On Monday, the S&P 500 fell 0.3% while Toronto was closed.
Oil is trading at $45.81 and the Canadian dollar is at 76.02 U.S. cents.
With Berkshire Hathaway down a bit today I doubled the small position that I had in that company.
I am working on the update to RioCan REIT and it looks like I will rate it a Buy. When I first looked at it in 2011 it was expensive at 1.53 times book value (see comments of July 7, 2011). Now it is trading at 1.07 times book value. So we can basically buy into it at a small premium over its estimate of the value of its rental properties. All else equal, some premium to reflect managements ability to add value o the properties is probably reasonable. Book value could decline (if interest rates rise or the economy is softer) but at least by paying just 1.07 times book value we don’t start out over-paying.