“In the fullness of time, a competitive company producing a good or a service that is in demand should be able to generate a reasonable return – if returns are too low, competitors leave and returns normalize; if returns are too high, competitors join and returns normalize.” – Lloyd E. Rowlett
The result is a portfolio of undervalued companies which we expect to outperform the broader market over a business cycle.
Scheer Rowlett & Associates Investment Management Ltd.
July 4th, 2022