Thirty years of the fund, Canada and Europe, and an AI actress who glitched
September 2026
Something about the fund
Thirty years ago today I started the fund with Peter Cundill as my partner. Many of you invested with us. Thank you for your trust. Today I’m working alongside Lorne, and the principles haven’t changed. I figure I have another 30 years in me, so as the Black Eyed Peas put it: “Let’s get it started!”
Semi-annual report
Something interesting about investing
I invest from the bottom up, but I enjoy geopolitical analyst Jacob Shapiro. Below is his take on the recent Canada–EU talks: Europe needs energy and Canada needs capital.
Trading Russia for Canada
Something fun
Here’s an excerpt from Piers Morgan’s interview with an AI actress, Tilly Norwood. The progress is amazing, and a little scary. The glitch is also unnerving, especially if you use AI to drive your car or access your bank account!
AI actress: Tilly Norwood
The semi-annual report, Luca on risk, and a bot that writes LinkedIn posts
August 2026
Something interesting about investing
I first heard Luca speak at one of Guy Spier’s events; I have followed him since. Given today’s environment, I thought you’d enjoy this short video.
Luca on risk
Something fun
This tool will make you a LinkedIn or X poster in seconds, lol.
LinkedIn CringeBot
Staying cautious, Doomberg on energy and China, and a beer commercial
July 2026
Something about the fund
MVF’s semi-annual report will be out next month and I will circulate it with the 3 Somethings.
I remain cautious. Cash, debentures and hedges are now over 20% of NAV. AI is changing the world. What doesn’t change however is the ebb and flow of human emotion. As I have said before, we look for situations where a value set by Mr. Spock is higher than a price set by Homer Simpson.
Something interesting about investing
Doomberg sent out a preview of Energy and China earlier this week. I am not a Pro subscriber so I have not seen the whole thing. The preview was interesting.
Energy & China
Something fun
Maybe a stretch, but in this clip, I like to think we’re (MVF) the mutt owner and the tech bros are the other guy.
ps. Thanks for the hair club suggestions from last month, lol. That would be like putting lipstick on the pig so I think I will stay with what I have (or don’t have)!
Bud commercial
Exiting the Jardine Group, Seth Klarman, and Bon Jovi
June 2026
Something about the fund
MVF exited its holding of Jardine Matheson earlier this month, bringing to a close our positions in the Jardine Group (Mandarin Oriental and JM). Both worked out well but the better question is what is next. I will address that a bit more in our semi-annual report.
Something interesting about investing
Seth Klarman is always interesting. The link below is a short conversation with CNBC anchor Sara Eisen.
Klarman interview
Something fun
Perhaps it is hair envy but I always get a kick out of these older music videos. Kate has assured me she loves me regardless of my lack of hair but a Bon Jovi video may call that into question…
ps. thought the title was appropriate for today’s environment but “take my hand, we’ll make it I swear”!
Livin’ on a Prayer