Deep-value manager finds few bargains

Blackberry is among the names that meet Tim McElvaine's "ABBA" criteria.

Michael Ryval 17 November, 2016 | 6:00PM
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A deep-value investor who is known for acting independently of the way markets are moving, Tim McElvaine says there are few bargains out there in the Canadian small- and mid-cap arena, or for that matter anywhere else. But he's prepared to wait.

"I'm not finding a ton of stuff to do, but I'm way off in a corner dancing to my own tune," says McElvaine, president of Victoria, B.C.-based McElvaine Investment Management Ltd. and manager of the $29-million McElvaine Investment Trust. "And I'm confident there will be a lot to do in the future."

A 25-year industry veteran, who was formerly chief investment officer at Vancouver-based Cundill Investment Research Ltd. before setting up his own shop in 1996, McElvaine is noted for boldly stepping into areas that most would avoid or regard as foolhardy. He cites his purchase of U.S. financial stocks about five years ago, followed later by Japanese stocks. "Today? I don't see the same easy pockets. There's not a lot of margin of safety."

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
BlackBerry Ltd12.83 CAD0.94Rating
Glacier Media Inc0.45 CAD-1.11
Jefferies Financial Group Inc41.63 USD0.68
Wow Unlimited Media Inc1.10 CAD0.92

About Author

Michael Ryval

Michael Ryval  Michael Ryval, a regular contributor to Morningstar, is a Toronto-based freelance writer who specializes in business and investing.

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