Markets declined modestly on Monday as long-term interest yields were on the rise.
The S&P 500 and Toronto were each down 0.6%.
Most stocks were down on the day.
But what a start it has been to this new year. After losing ground in 2022 our Buy and higher rated stocks have completely recovered that ground. The six picks currently rated in the Strong Buy range were up an average of 19% as of Friday. In all cases the gains are recoveries from declines in 2022 or earlier and they are not back to record highs.
After the close, TFI International reported what they describe as strong Q4 results. This has been such a fantastically well managed company. About 20 years ago I came up with the politically incorrect observation that “winners win and losers lose”. TFI has been very much a case in point. My biggest investment mistakes have involved selling winners (as in companies that I knew were great) too early. I also made the mistake of hanging onto (and adding to) some under-performers that looked cheap. But I think the bigger mistakes involved selling great companies when they looked too expensive.