“The essence of investment management is the management of risks, not the management of returns.”
- Benjamin Graham
Intro
Thank you for all the emails and messages this week regarding goeasy Ltd. (GSY-T). Many of you asked what happened and whether there was a way to see it coming within our process. Others may simply be wondering how to handle a sudden decline in a portfolio holding.
I thought it would be helpful to briefly address the situation and, more importantly, explain how disciplined portfolio construction protects us when unexpected events occur.
