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moneysense.ca, 4/10/06
3Q-2006 Report Card
The Sleepy Portfolio, which I use to benchmark the returns of my own portfolios, had an excellent quarter gaining 3.2% over the previous quarter. The gains were across the board in all asset classes. Bonds, EAFE equities and REITs performed especially well.
According to MS Money, our personal portfolios performed really well gaining 6.3% during the third quarter. The big gains came from Pfizer (PFE, up 23%), TD Bank (TSX: TD up 17%), AGF Management (TSX: AGF.B, up 13.5%) and AIG Group (AIG, up 12%). The big loser was a position I initiated during the quarter: Loblaws (TSX: L, down 8%).
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moneysense.ca, 4/10/06
I wanted to know if your investment thesis on Loblaws has changed? Are you contemplating averaging down, standing firm, or exit?
http://www.investorgeeks.com/articles/2006/10/04/averaging-down-playing-chicken-with-mr-market/
Loblaws is getting more and more interesting the lower the stock price gets. But a cheap price is only a cheap price. Lemons have cheap prices too. I haven’t yet made the necessary research to probe about valuation yet. Any thoughts?
Recent weakness is related to possible strike. I think at these prices L is a good long-term defensive holding but may have more short-term downward pressure. I’d recommend standing firm if you already hold it.
I fully realize that there are problems facing L and it might still go down from here. However, I think L’s problems are temporary and fixable. I’ll make a post about my thesis for investing in L.