In the short run, the market is a voting machine.
But in the long run, it is a weighing machine.
To buy when others are despondently selling and to sell when others are greedily buying requires the greatest fortitude but pays the greatest reward.
Latest Exits
Pharmaceuticals (2026)
Montreal-based Knight Therapeutics is engaged in the licensing, marketing and distribution of pharmaceuticals. It is structured as a carbon copy of Jonathan Goodman’s highly successful first venture, Paladin Labs—which Knight has since acquired back from Endo International, completing a remarkable full-circle story. The company operates on a greater scale than its predecessor, with a focus on Latin America. Since buying Grupo Farmaceutico Biotoscana, the company has expanded at full tilt under the stewardship of superb chief executive Samira Sakhia, with revenues up sevenfold, operating earnings up twentyfold—and share count down by a third.
Integrated Oil & Gas, Brazil (2026)
National oil company Petrobras produces 2.9 million barrels of oil equivalent per day, with over a decade of proven reserves ahead of itself and prime offshore assets that break even below $30 a barrel. Despite nefarious government interference in the past, the company delivered an average of $22 billion in annual free cash flow between 2014 and 2024—a cycle marked by two brutal downturns and an epic corruption scandal. It has emerged on new, solid footing, with a leaner balance sheet and disciplined governance. At the time of our investment in June 2025, these fundamentals translated into a valuation of about three times cash earnings and six times distributable earnings—the latter of which doubled during the Iran crisis, prompting the divestment.
Exploration & Production, Tanzania (2026)
Listed in Canada, active in Tanzania, and registered in the British Virgin Islands, natural gas producer Orca Energy Group served as the parent company of PanAfrican Energy Tanzania. Controlled by the son of its late founder, David Lyons, PAET operated the prolific Songo Songo Field, partnering with national utility Songas and playing a strategic role in the country’s path to economic development. Our oldest shareholding, Orca distributed to us multiples of its original acquisition price in dividends until our exit in February 2026.
Financial Services (2026)
Europe’s second-largest lender, BNP Paribas, had become a powerhouse in asset management following its takeover of AXA Investment Managers. At the time of our—short-lived—investment in late 2025, it traded at roughly two-thirds of its tangible book value, despite delivering solid double-digit returns and offering an attractive 8.5% dividend yield. Indexing and ETF heavyweight Amundi, Europe’s largest asset manager, faced similar valuation multiples when Standard invested on the same day. Both stocks were selected for their discounts and income-producing characteristics. Their market values appreciated shortly thereafter, prompting a sale in favor of more compelling opportunities.
Information Technology (2025)
The Los Angeles company formerly chaired by the late Berkshire Hathaway’s vice-chairman Charlie Munger, Daily Journal Corporation, had a legacy business, a portfolio of marketable securities and real estate properties that covered virtually its entire valuation at the time of our investment, leaving just a modest multiple on its burgeoning information technology business serving courts in the United States, Canada and Australia.
Distribution (2025)
A specialist in furniture hardware with 112 centers and soon half of its business in the United States, Québec-based Richelieu Hardware, which caters primarily to a clientele of professionals, sports a pristine M&A record, an unusually high level of employee shareholding, and a thoughtful, value-driven expansion strategy under the guidance of its chief executive officer Richard Lord.
Aerospace (2024)
French manufacturer of military aircrafts and business jets Dassault Aviation remains firmly controlled by the Dassault family, who owns close to two-thirds of equity capital. In late 2021, at €87 per share, minus the €3bn in excess cash and 25% stake in defense group Thales valued €4bn—itself at rock-bottom levels—the company’s market capitalization assigned zero value to its core aviation business, home to its acclaimed Rafale and Falcon franchises, among others.
Integrated Oil & Gas, Canada (2024)
Depressed commodity prices, limited export options, bloated pipeline capacity and fears of a prolonged pandemic had sent valuations of Canadian producers spiraling down to historic lows. In spite of its fortress balance sheet and integrated model, Suncor, which owns a non-replicable refining infrastructure and decades of reserves in Alberta, was no exception. The company’s business plan stated its intention to return $21 per share to its shareholders over a five-years horizon, and astonishingly that promise came against a share price of just $18 at the time of our investment.
Advertising (2022)
As the Covid-19 pandemic broke out in spring 2020, French advertising giant Publicis—which owns a number of premier franchises in the creative business, has negligible debt and can adjust its cost structure at will—saw its market capitalization shrunk to levels not even seen in the depths of the 2008 financial crisis, as its shares briefly traded at just four times earnings. The rebound was quick, however, and so was our sale.
Consumer Staples (2021)
The fifth largest brewer worldwide, Molson Coors has a 25% market share in North America, where it also controls highly strategic distribution networks. Despite stable earning power and multiple short-term catalysts—dividend reinstatement, asset sales, restructuring program, etc.—the company saw its shares priced at badly depressed multiples during the pandemic, triggering our interest and most sizeable—albeit short-lived—investment in recent years.
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