November 7, 2024
Happy Halloween. Again, I’m sorry not to be able to be with you, especially as we are experiencing a new venue.
We lost two members in October, Bob Wells and Don Simmons, and have gained a new one Gautam Lohia. The two resignations have been reflected in the October statement. The new member will be included in November once his cheque has been received.
Two new stocks were purchased in October, NexTera Energy and Unisync. A further $20,000 was invested in our short term investment BMT.
Inplay Oil dragged us down again and NexTera lost a bit during the month. B2Gold, Atkinsrealis and Uranium Royalty all were gainers. As a result our portfolio value per member rose back to previous levels and stands at $8482.
Free cash is now quite low but $70,000 is readily available in BMT.
Yesterday NexTera was sold on stop. Another loss. Another in today out tomorrow situation. These situations should only arise rarely (if at all). Lots of room for improvement. The loss was perhaps reduced because the Canadian dollar has weakened. Inplay continues its steady fall. Trump’s win has and will affect the markets. Meta is up and Uranium Royalty is soaring.
Interesting month.
There were several transactions. The remainder of Disney was sold at a good profit. Darling Ingredients and a further 10 shares of Meta were purchased. CP Kansas City was sold. $10,000 of our BMT was sold to partly finance the new US acquisitions. The balance was funded by exchanging some of our Cdn$.
Half our holdings produced gains, the other half losses. Dollarama, Tourmaline, Fission and Meta were the big gainers, CI Financial was the largest loser. Overall we had a gain of $5,000 for the month on our current holdings.
We remain relatively liquid with about $50,000 of investable cash.
Apart from that there must be some error somewhere because I can’t balance this month despite a lot of trying. It usually works itself out at the next month end. However, this minor flaw in my otherwise stellar performance should be enough for you to demand my resignation.
Jack Hurst
Treasurer
June 5, 2024
April 30 2024
What a dismal month! Overall we lost about $6000 on our portfolio; we lost $7000 on the stocks we acquired in March and April. (I’m seriously considering drafting a new Bylaw requiring stock presenters to underwrite the purchase price for 90 days!) Dollarama performed very well. Without its gains the month would have been really bad.
Our value per member declined by $130. That is unlikely to sit well with Chris McHardy our newest member. We did sell 35% of our Disney holdings and made a decent profit. We bought Meta and In Play Oil during the month for aggregate prices of approximately $15,000 each.
Our cash holdings are now about $70,000. The resignation of Bill Cutt and the onboarding of Chris essentially were offsetting.
We now are trailing the indices we use for comparisons by a fairly wide margin. Our portfolio consists of 11 stocks, a number I consider to be the maximum we can effectively manage with our present numbers. I will be very happy to bank the cheques of any and all new members you can find. Then we can buy more stocks.
Jack Hurst
March 31 2024
March was tame compared to February. We did buy IBM and CP both of which have declined very slightly during the month. Celestica was sold on stop but this time we made over $4,000. We reacquired Fission during the month and it has produced a good gain since purchase.
Disney has been rising impressively ever since purchase. It now is the stock with the largest unrealized gain. In that regard, our total unrealized gains are down to $10,000 but the Celestica sale has reduced our realized losses for the year to $6,000. The TSX and S&P outperformed us during March and we are now lagging both.
We still have about $70,000 of investable cash. Bill Cutt tendered his resignation effective March 31 so I will have to pay him out shortly. We are still looking for new members (and their cash).
Jack Hurst
February 29, 2024
I don’t know where to begin. I’ll start by saying that all members have paid their 2024 dues. What with the completion of the annual income tax information and recording the very many buys and sells I have had a very busy month. Tax slips should be in the mail by sometime next week.
Now to February business. We bought Bombardier and sold it on stop less than a week later for a loss of $1470. We also sold Cameco on stop. In this case we made a large profit on our cost and losses for the month and year to date of $5700 and $1500 respectively. We bought Synopsis, Tourmaline and Capital Power all of which performed well since purchase.
I’m saving a full paragraph for Fission. We enjoyed a steady rise in stock price for several months and had unrealized gains nearing $15,000 at Jan 31. We bought another 10,000 shares at market early in February resulting in our overall cost basis rising to $.96. In hindsight a very bad idea. All of Fission was sold on stop at $.95 at month end. After all the dust had settled we lost $337! Incredibly disappointing to me. I suspect we should conduct a post mortem on this one.
We have $17.000 of unrealized gains on the remaining stocks in our portfolio at month end. Overall, because of the large gain on Cameco, we have recorded net gains over cost of just under $14,000 on our 2024 sales. Lastly, we finally did it: we have more than 50% of our portfolio in cash or near cash at Feb 29 (over $100,000). Huge dividend?
Jack Hurst
Treasurer
February 7, 2024
Jan 31, 2024
Another stellar month (6% growth). Cameco and Fission did very well. I believe Charley O brought both of these to our attention. Perhaps we should let him say grace again as a reward for his efforts. Today has seen further gains for both of these stocks.
Uber and Synopsis both sold on stop and both yielded gains on cost but losses year to date. I hope this is not a trend as 2 sells per month seems too high to me.
We now have seven stocks, $11000US, $24000Cdn and $65000 in short term investments. We have lots of room for good investments. No meeting in January meant no expenses for the month adding to our good performance.
There are still some stragglers who have not paid their dues. A cheque for $660 please!
Happy New Year! January 4rth 2024
I’m happy to confirm that 2023 was a very good year for Riverside. Our equity per member rose from $7065 to $8077. That may be a record. At year end we have over $28,000 in unrealized gains in the stocks we hold. On the down side we incurred aggregate net losses of $5700 on our numerous sales during the year.
We have $65,000 in temporary investments at year end and an additional $22,000 of cash in our bank accounts.
Our costs of meals, golf prizes, commissions and sundries rose to just under $16,000, that too a new record. I hope you enjoyed our Christmas party because it cost over $2,000 for food and beverages this year. I am advised that the costs were not unreasonable.
Again, I remind those who have not yet paid their 2024 dues to do so immediately. You can leave a cheque payable to Riverside Club at the Point Grey office (probably best with Sheila Bradley), or send it to me at 1569 West 33rd Avenue, Vancouver V6M 1A8. Even better, you can drop it off at my house. There is a semi-circular driveway with two entrances. Drive in one, hop out, slip through mail slot, drive out. All in less than a minute!
PS: Uber was sold on stop yesterday.
November 30 2023
Merry Christmas!
November turned out to be a very good month, aided by a spike right at the month end. During the month Nutrien was sold at a significant loss both year-to-date and since purchase. 60% of Tornado was sold yielding a very modest gain. (The remainder was sold early in December also yielding a very small gain. Baytex was also sold in December at our stop price thus producing a loss.) MEG was sold at a very good gain and Tourmaline was sold, a bit regrettably, at a much lesser gain than we could have realized. Consequently we have lots of cash to fund my next vacation.
Celestica and CI Financial were bought early in the month Both have risen very slightly. Perhaps the most significant statistic at the moment is the fact that our current holdings (now 8 stocks) have a combined total of $31,000 of unrealized gains, led of course by Cameco, by far our stellar performer of 2023. Fission is now reflecting some of Charley’s optimism.
Annual dues have been set for 2024 at $660 ($55 per month). Although this is insufficient to cover our costs there will be no January dinner and there quite possibly won’t be a number of other dinners depending on what happens to the Point Grey kitchen. It won’t be the first time that Riverside’s stock market success has contributed towards covering our meeting and other costs. Bring a cheque for $660, payable to Riverside Club, to the meeting!!!
Jack Hurst
Treasurer
December 7, 2023October 31 2023
October was a good month. Our portfolio rose 5.5% for the month and now stands at 13.2% year to date. We are now ahead of the S&P and well ahead of the TSX. Cameco again led our gainers with MEG and Baytex close behind. Fission continued a steady rise. (Charlie will be happy!)
Several purchases during the month have reduced our cash holdings to a point where further purchases will likely require sales of other stocks. Most of the cash at our local bank is earmarked for our meeting expenses for the last Quarter. We now own eleven stocks which just about maxes out the number we can manage.
Jack Hurst
Treasurer's Report
Treasurer’s Report
September 30, 2023
The pendulum swung again. September was not good. Our retained stocks lost about $3,300. Enbridge was sold for a year to date loss of $3,100 partly offset by dividends of $1,100. Cameco remains our best performer this year, representing about $10,000 of the overall unrealized gains on our remaining portfolio. Tourmaline is next best and Nutrien still is dragging us down.
Cash resources are high due in part to our new members and in part to several recent sales on stop. We have ready money for buy opportunities.
We are performing ahead of the TSX and slightly behind the S&P. The US exchange rate swung in our favour last month. Today our stocks nearly all rose from month end prices.
Jack Hurst
Treasurer
October 5 2023
Treasurer’s Report
July 31, 2023
Surprise, surprise! July was a good month. Several stocks rose appreciably in the month and none lost more than a few dollars. The portfolio rose by 3.4% (about $250 per member). We hold 12 stocks which is somewhat higher than normal.
Chuck We became a member during the month. His membership contribution will provide us with funds to pay our monthly expenses for a few months. Because we are fully invested at the moment we will have to sell something prior to the year end or entice another member or two to join.
Our expenses for July exceeded $2500 owing to the golf tournament when Riverside provides the wine and some of the golf prizes. But for that the July results would have been even more impressive.
Jack Hurst
Treasurer
August 3 2023
Treasurer’s Report
June was a turnaround month. Overall we recorded a significant portfolio gain. Cameco led the way. Good dividend month, notably Enbridge. Nutrien still a big loser.
We bought 100 shares of Dollarama and 10,000 shares of Fission Uranium. We sold 400 shares of Cameco to fund these purchases. We are fully invested at the moment. Our remaining cash will be needed to cover expenses for the remainder of the year. However, we expect at least two new members to join imminently and their contributions will replenish our coffers.
At long last we completed our redocumentation requirements with Investorline. That should buy us three years of peace on that front. I will report out on that subject but not likely this month.
Jack Hurst
Treasurer
July 5, 2023
Ugh! May was a disaster. Nutrien, Enbridge and MEG were big losers. Tornado gained a bit. Overall our portfolio lost nearly 5% and year to date we are just above breakeven. We have fallen behind the indices we track. There has been some recovery in June.
We purchased 200 shares of Tourmaline at $57.99 and 100 shares of Nexterra at US$75.45 in May. There were no sales. $4000 of our short term holdings in BMT were sold to help fund the purchases. Additionally $6000 was transferred from our general bank account for the same purpose. Essentially we are fully invested in stocks as of now. Foreign exchange hurt us a bit on US$ purchases but has helped us on month end translations, more or less netting out.
My month was preoccupied with chasing members for Investorline forms and making other forms good enough for acceptance. We may have finally got them all in now. I will send off a letter posing some questions many of you have been asking. Assuming I get some answers I will circulate them to you.
Treasurer’s Report
APRIL 30
Betterresults in April. We purchased 20 shares of Public Storage following our April meeting, our only transaction in the month. Tornado was the big gainer, however, most of that has evaporated in May. Overall our portfolio registered $4000 in unrealized gains during the month.
C a m e o continues to be our best performer. Available cash is $20.000.
Can you believe it? We still have some outstanding forms, etc. required byInvestorline as I writethis. We just got a list of outstanding/incomplete/incorrect items from them. After we review it and rectify a n errors on their part Iwill contact each of those who still have info outstanding.
Jack Hurst Treasurer
May 4, 2023
March 31, 2023
March did not work out well. Cenovus was sold on stop mid-month at a loss. The month as a whole produced a 2% loss. Our expenses again exceeded our monthly dues. This is likely to continue. A big dividend from Enbridge and a small dividend from Cenovus helped. Foreign exchange rates were stable.
Cameco continues to be our best performer. Available cash is $40.000. More deterioration has occurred in April.
A plea for assistance. I sent an email asking all members to complete and submit various forms so that we could meet our documentation requirements for Investorline. To date very few have been received. Please, please get everything in properly filled out and signed immediately. I have a hard enough time trying to do the other paperwork, I don’t need the aggravation of having to hound the rest of you to do your part. (Do you detect a note of desperation?)
Jack Hurst
Treasurer
February 28, 2023
February was not a good month. An upturn at month end kept it from being a bad month. We lost about 3%. Year-to-date we are up just under 5%, slightly better than the indices we track.
Cameco continues to be our big gainer. Tornado doesn’t trade much but every slight up and down has a big impact. It is down by $2500 at month end. Info Systems was sold for an overall gain since purchase but a year-to-date loss. We bought an additional 125 shares of Enbridge.
We held a dinner meeting last month so our expenses came to nearly the amount of our monthly dues. Assuming we are able to hold dinner meetings each month, it is likely that our expenses will exceed our dues despite the increase to $50 per month.
We remain flush with cash with approximately $50,000 available for investment. New members will add to our investable funds.
Jack Hurst
Treasurer
Treasurer's Report
Treasurer’s Report
December 31, 2022
Happy New Year!
December saw more erosion of values in our portfolio. There were no trades in the month or any sales on stop. Some dividends were received.
2022 was not a good year. Although we are showing an 8% decline for the year our actual portfolio performance was worse than that. Our results were favourably affected by the admin fees we charge on member resignations and the fact that some scheduled meetings were not held. Cash resources are $40,000. By far our most startling statistic is that our membership numbers dropped from 34 to 24. We entered 2022 with unrealized gains of $20,000 so the $21,500 of year-to-date losses result in only $1,200 of capital losses for tax purposes.
Dues payments are still outstanding from several members. Please get your cheques to me by mail or drop off at 1569 West 33rd Avenue V6M 1A8 or to Shauna Grant at the golf club.
Jack Hurst
Treasurer
January 5, 2023
Treasurer’s Report
Treasurer’s Report
November 30, 2022
Unlike October, November was peaceful. As per decisions made at our November meeting we bought 1000 shares of MEG Energy at $20.58, 275 shares of Enbridge at $54.33 and 100 shares of Nutrien at $100.63.
We also sold recent acquisition JPMorgan at a profit of just under $3,000 (Cdn) as directed. We now have $16,000 plus of US$.
Overall, the month saw a further decline in per unit value to $7250. Our stocks have unrealized gains of just under$3,000 at November 30. We have little Canadian cash on hand. Glenn Yeadon tendered his resignation in the month and will be paid out in December. I anticipate being able to temporarily use annual dues proceeds for this purpose.
In this year of unprecedented resignations the admin fee we charge on payouts has had a noticeable positive effect on our net costs. Next year however, assuming a normal year where we have no resignations or one or to two at most, our expenses will exceed our dues even after this year’s substantial dues increase.
Speaking of dues, our meal costs have been set at $45 per plate for 2023. I have had to increase our annual dues to $50 per month ($600 annually). That leaves too little to cover all of our other costs (including our golf day and Christmas when Riverside picks up the tab for everything). I’m hoping the differential will be small.
Please deliver your dues cheques for $600, payable to Riverside Club, either by mail or drop off at my house as soon as possible. The normal option of drop off at PG is not really available because of the January golf club closure. We will not meet again until February. My address is 1569 West 33rd Avenue V6M 1A8.
I apologize for not having this month’s statement ready for the December meeting but TELUS had some equipment issues that, hopefully, are now resolved. Meanwhile, Season’s Greetings to all and may 2023 be your best year ever.
Jack Hurst
Treasurer
December 3, 2022
Treasurer’s Report
October 31, 2022
Oh brother!
October made up for a quiet September. The markets were in turmoil. We had a mini crash that saw Capital Power first then Cameco sell on stop. Both made us a bit of money but Cameco saw us lose out on a big unrealized gain that we had as of September 30. Almost immediately we repurchased half the amount we sold and at month end we are sitting on a small unrealized gain. The remaining portfolio as a whole is reflecting unrealized gains as of October 31 with all stocks up a little. (This morning Nutrien took a tumble.) For October, however, we suffered a decline of 4%, effectively all due to the Cameco sale.
We bought Cenovus for $10,000, Nutrien for $11,000 and JPMorgan for $15,000 (Cdn) according to decisions made last meeting. Mainly due to the proceeds from the Cameco sale we have $50,000 + of cash at month end.
We paid out Bruce Hynds in October but Chris Woods has agreed to join us so that’s a breakeven more or less.
Looking ahead, I will be expecting cheques from all of you at the December meeting to cover our 2023 dues. I have yet to get meal prices from Point Grey but I will advise you of the amount as soon as I hear. Expect some increase from the $480 they were this year.
Jack Hurst
Treasurer
November 3, 2022
RIVERSIDE INVESTMENTS
MINUTES of the monthly meeting of Riverside Investment Club , held at Point Grey Golf and Country Club, Vancouver, B.C. On Thursday , October 6, 2022 at 6:30 P.M.
PRESIDENT RUSSELL LUSK welcomed 17 members and thanked John Scott for giving the Opening Remarks, in view of Ross Collver’s unavailability. He also noted that MEL & WENDY ZAJAC would be joining the meeting shortly as our guests. He as well welcomed Chris Wood as a prospective member ; to be introduced later in the meeting.
JOHN SCOTT briefly reviewed the difficulty we have faced as a Club through the COVID period. He recognized and thanked our Executive , on behalf of the Club membership, for the excellent work they have done for us over this time. The issues raised were not only meeting difficulties but membership concerns together with planning for the future.
MINUTES of the SEPTEMBER meeting were adopted as circulated.
RON MILLER was appropriately acknowledged for his providing DINNER WINE for tonight’s meeting.
TREASURER JACK HURST commented on his previously circulated notes and trades that had taken place for Capital Power and Cameco. As he noted , the market was difficult in September and while our portfolio took a hit it was less than the indices. Our cash reserve now are $40,000, down from the prior months $60,000, having been depleted by the golf tournament expenses ( likely setting us up to restrict 2023 spending). Hearing no objections , Jack’s report was adopted as circulated.
PRESIDENT LUSK noted the resignation of Bruce Hynds’ membership resulting from a medical issue, and thanked him for his significant contribution over his many years of membership. He also acknowledged Kelly Boechler for designing and maintaining our website - Riversideinvestmentclub.ca; Password -PointGrey ( caps as noted).
The 2023 golf tournament organizer is the 2022 NET winner and our ever humble President noted that as the NET winner this year, it is his duty to preside over next year’s tournament - we were assured that all necessary plans are being put in place and when determined , we will be advised of the date.
BRAD SCHARFE then introduced guest speakers MEL and WENDY ZAJAC who will be speaking about THE ZAJAC FOUNDATION and it’s importance in our community ,together with the ZAJAC RANCH for CHILDREN. In his introduction BRAD outlined Mel’s significant charitable and fund raising achievements over many years. The ZAJAC FOUNDATION was established in 1987 to provide support for children, seniors and those with special needs following the accidental death of his two sons Mel Jr. and Marty in separate sporting activities, two months apart. Three daughters , Corinne, Carmen, and Karen assist in the Foundations work. The RANCH is located on Stave Lake in Mission B.C. and was founded in 2004. The ZAJAC Golf Classic which continued for over 30 years raised significant funds for the RANCH and has been replaced by THE LUNCH FOR LEGENDS. There are 50 children per week attending the RANCH during summer and it remains open year-round for selected activities. Mel and Wendy answered many questions raised by our members and were thanked by PRESIDENT LUSK for their enlightening presentation.
STEVE CALDWELL then introduced CHRIS WOOD who has been a member of Point Grey since 2008 and is is married with two children. Chris received his B.Com. from U.B.C. and
Finance Diploma from University of Copenhagen.His career has been in the real estate field in sales, marketing and development and he is a founding partner with real estate development company Revesco Properties as well as being an Executive Vice-President at Jones Lang LaSalle.
PRESIDENT LUSK then suggested that in view of three stock presentations to be heard, they be completed prior to our WATCHDOG reports.
KELLY BOECHLER introduced JP MORGAN the 6th largest bank in America with assets of U.S. $ 3.74 trillion, and an annual dividend of 3.71%. The stock price has been as low as $104.40 and a high of $172.96; and presently is at $107. Kelly referred to his summary notes sent prior to our meeting, and commented that he was comfortable with the safety of this stock in a declining market. He recommended purchasing 100 shares at market with a $140. TARGET PRICE and an $85. STOP-LOSS.
STEVE CALDWELL introduced two stocks which were both well described in our pre-meeting material. He said that he had considered others but decided to concentrate on the two named. He commented that either or both would be good choices for the Club.
CENOVUS ENERGYIs a spin-off from Encana; it is an energy stock, heavily invested in oil and gas. CENOVUS merged with Husky Oil in 2021 in a transaction valued at $23.6 billion. The present price is $24.18. Steve recommended buying 400 shares with a $32 TARGET PRICE and an $18
STOP-LOSS.
NUTRIEN LTD. is the worlds largest fertilizer producer and agriculture input retailer resulting from the merger of Agrium and Potash Corp. in 2018. The stock is currently at $117. Steve recommended buying 100 shares at market with a $170 TARGET PRICE and a $90 STOP- LOSS.
After much discussion the above three stocks were approved for purchase in the amounts recommended with TARGET and STOP-LOSS levels as noted.
INVESTMENT CHAIR, TIM TURYK, appointed the following as WATCHDOGS for the stocks approved for purchase:
JP MORGAN- Al Fowlis and Brad Scharfe CENOVUS. - Glenn Yeadon and Rob Jones NUTRIENT. - Mike McBride and Don Simmons
TIM then called for the WATCHDOG reports in the AGENDA ORDER
STOCK.
750 Information Services. 400 Capital Power.
2000 Cameco
150. Raytheon.
50,000 Toronado.
REPORTER.
George Noble John Scott. Ron Miller. Joe Ross
Ian Pitfield.
ACTION
Hold and watch
Sold on Stop-Loss; watch
Sell 500 shares Sell
Hold
The recommended actions were approved by the meeting with exception of CAMECO. After much educated discussion, it was greed that no CAMECO shares would be '
A short discussion took place regarding future SPEAKER SUBJECTS with a general consensus that we have speakers on a variety of subjects but that the majority would be on financial matters relating to the market. The INVESTMENT CHAIR will determine the suitability of subjects presented by the individual members.
In closing the meeting PRESIDENT LUSK thanked numerous members for their participation
- John Scott for his opening remarks, Tim Turyk for his work as Investment Chair, our financial
guru Jack Hurst, Ross Collver for his Secretarial expertise , Ron Miller for his wine hosting, Stock presenters Kelly Boechler and Steve Caldwell for their excellent material and presentations and our special guests Mel and Wendy Zajac.
Adjournment was at 9:07 P.M.
Nick Scharfe, Reporter
Treasurer’s Report
September 30, 2022
September was another quiet trading month. We purchased a further 100 shares of Capital Power at $50.61 early in the month. Our buy order for 500 shares of Cameco at $35 was executed near month end raising our total to 2,000 shares. Current market value of Cameco is $73,000 (37% of our portfolio).
The markets took a big hit in September; our portfolio suffered, but much less. We continue to outperform the indices we track. However, we still suffered a decline of nearly $200 per unit for the month thus putting us back to where we started the year.
The golf tournament, as usual, cost much more than $40 per person.
Cash resources are now $40,000.
PS: Capital Power was sold at stop ($46.93) today.
Jack Hurst
Treasurer
October 6, 2022
Treasurer’s Report
August 31, 2022
August was a very quiet month until last weekend. Markets dipped sharply and our two new stocks, Dye&Durham and CAE, were sold on stop. That brought our total year to date net losses on stock sales to an astonishing $26,000 or slightly over $1,000 per member! On its own that statistic is alarming. On the bright side, the few remaining stocks we have show unrealized gains of $21,000 mainly thanks to Cameco.
Our net value per member has risen from $7,679 at January 1 to $7,838 at August 31. That is because we have suffered four unanticipated meeting cancellations so far this year. In those months our expenses were minimal to zero whereas our dues rolled in at $40 per person each month. This is reflected by the difference between Member Contributions and Expenses year to date in the Financial Statement.
The only other transactions of note are that John Bennett and Dick Benmore resigned effective July 31 and have been paid out. We collected the 5% admin fee on the resignation payouts. It bothers me a great deal to have to report that this year’s unprecedented spate of resignations has been the main reason why the rest of us have “enjoyed “an increase in our unit value.
Cash holdings have been reduced by the payouts but have been augmented by the sales on stop. They now exceed $60,000.
Jack Hurst
Treasurer
September 1, 2022
Treasurer’s Report
July 31, 2022
Zounds and gadzooks! PG has again forced us to cancel a scheduled dinner meeting. As a result there is no need for meeting day info on the monthly statement.
July was an unusual month for 2022; no sales! Instead, we held onto all of our stocks. Cameco, Capital Power and Tornado posted impressive gains. Dye & Durham fell back, largely I believe, as a consequence of a thwarted acquisition.
Although Topaz was sold in late June we received a hefty dividend in July and we also received dividends from Info Services and Capital Power.
With no meal expenses in July and some excellent performances from some of our holdings we actually did well for the month. We are now back to per unit values we had at January 1. That puts us well ahead of the indices to which we compare our performance. Cash resources still exceed $50,000.
Jack Hurst
Treasurer
August 3, 2022
Treasurer’s Report
June 30, 2022
Why do we bother? In the first six months of this year we have sold 15 stocks, slightly more than two a month. The result: a loss of $25 since purchase!
But that’s only half the story. Year to date our losses exceed $20,000. Our June losses were $7250 thanks to Topaz being sold at stop. On the positive side, because we raised the Topaz stop loss level we actually made a gain since acquisition of just under $5000 on Topaz. The financial statement shows the details. They are worth studying.
June was a rather disastrous month. At the time of our last meeting we had over $20,000 of unrealized gains in our portfolio. Those have largely vanished. We are showing unrealized gains of $5000 at June 30 on the stocks we have left. Tornado and Capital Power are the larger gainers. Our unit value has decreased by $332 from the previous month and 12% year to date. That’s less than S&P and slightly more than TSX. Until this month we were faring better than both.
Meal and other costs continue to exceed our dues. Fortuitously(?), because of the late cancellation of our golf tournament and dinner July will be a low expense month. But ensuing months, including September with the golf tournament and December with the club picking up the wine tab, etc., for our Christmas meeting the deficit will be a lot larger.
On the bright side (?) we are flush with cash.
Jack Hurst
Treasurer
July 5, 2022
Treasurer’s Report
May 31, 2022
Sometimes figures lie a bit. We sold ATS, Uni-Select, Cameco and Rakovina at our stop loss incurring losses for the month of $11,000 and bringing our year to date losses to a rather large $25,000. Rakovina actually sold two cents below our stop. Cameco was immediately repurchased and has fared well since.
On the bright side our “keepers” now show $23,000 in unrealized gains at May 31 with Topaz and Cameco leading the way. Our total assets are only slightly down from last month. May has been volatile to say the least. A consolation? Our results are relatively better than he indices we track.
We will need cash to pay out Ian Williams and that will have to come from our Investorline funds. We could use some new member money! Free cash resources approximate $35.000 at May 31. As predicted, our monthly expenses exceeded the $40 per month we are paying in dues and will do so substantially in July and December.
Post month-end results have been very good.
Jack Hurst
Treasurer’s Report
April 30, 2022
Talk about busy! Your poor treasurer was exhausted by getting out the tax information before the end of March. He then faced an onslaught of buying and selling.
To summarize:
Bought 50,000 Tornado Global - $.47
Bought 500 Topaz Energy - $21.45
Bought 500 ATS Automation - $41.98
Bought 500 Cameco - $$38.02
Bought 100 Capital Power - $42.24
Bought 100 Uni-Select - $29.40
Sold 22,500 Cognetivity - $.36
To cover, all but $5,000 of our BMO money market holdings were sold. Our overall cash resources were approximately $38,000 at April 30.
Cognetivity was a complete dud, producing a loss of $9,200 on sale. Our new purchases have a spotty record: ATS and Cameco lost noticeably in April; Capital Power and Uni-Select remained flat; Topaz and Tornado gained a bit. Overall, our portfolio decreased in April owing to losses in Cameco and ATS. YTD our performance, while down, is better than the indices. However, today the markets fell sharply.
Early in May, ATS was sold at stop of $37 for a further loss. Uni-Select was also sold at stopyesterday but we made a small profit on it. And here I was going to crow about not getting stopped out at all in April! As it is, after these two sales we now have over $70,000 in cash and equivalents.
Now that we are back meeting in person our monthly expenses are exceeding our dues. In effect that creates a form of dividend/distribution. This trend is likely to continue for the rest of the year.
Jack Hurst
Treasurer
April 5, 2022
Treasurer’s Report
March 31, 2022
Serendipity? We had to pay out three retiring members in March. Funds to do so were provided through 5 sales of stocks all or most of which were at our stop loss prices. Despite our efforts to be fully invested in stocks, we have only six left.
On the bright side Cameco performed very well. Topaz also gained appreciably and paid a healthy dividend at month end. Cognetivity “discognected” during the month. We have now lost over half of our investment. Rakovina hovers. Overall March was a good month for the stocks we’ve retained despite Cognetivity. However, year to date our sales have resulted in losses of $10,000. ATS Automation was the big loser in March. Remember though we did earn a good profit on it when we sold it last year. Two of our March sales involved US stocks. We lost about $1,000 in total in foreign exchange associated with these sales.
Again, the administration fees we collect from retiring members offset our meeting costs. Partly owing to this we are showing a small gain in portfolio value year to date. The two indices we track are showing losses year to date. Now that we are back to in person meetings those savings will not recur.
Our numbers are down to 28 as at March 31. Our membership has not been that low for several years. Plenty of room for new members.
Jack Hurst
Treasurer
April 7, 2022
Treasurer’s Report
February 28,2022
At the speed of light, Lightspeed was sold at stop for a loss of $2232. Otherwise, February was a very good month. Topaz, Cameco and Telus all posted good gains. There were no big losers. Year to date both the S&P and TSX have posted losses whereas Riverside is in the black. As for Ukraine, who knows?
Another no meeting month so virtually no expenses. Higher food costs will progressively have their effect. Because of our substantial cash position we should not need any further dues increase this year. A discussion on our cash position is scheduled for this meeting. Jim Findlay and Ed Williams have submitted notices of resignation so some further cash will be required for that.
As of the time I write this, there are still several members who have not yet paid their 2022 annual dues of $480. Hopefully that will not be the case after the meeting.
Lastly, you will shortly get this year’s T5013 income tax information slip.
Jack Hurst
Treasurer
March 3, 2022
President’s Report
As Point Grey Golf & Country Club celebrates its 100th anniversary, Riverside Investment Club is in its 67th year of educating members in the principles and techniques of sound investment practices, acquainting them with specific corporations, and its members investing nominal funds in the club. Riverside is one of the oldest, if not the oldest, investment clubs in Canada. Its members are fortunate to be part of an organization that has provided value for decades. We benefit from the efforts of members, past and present, who have worked to ensure its success and vitality.
As members, we are the owners of Riverside. We all enjoy the benefits. We all have responsibilities. Apart from making stock presentations, acting as watchdogs, and attending meetings, our obligations include recruitment of new members and taking our turn on the Investment Committee and the Executive. We cannot simply delegate those duties to others. The Riverside Executive has met recently to discuss various issues including modernizing our communications system, recruitment of new members, taking steps to further energize our club, and streamlining our meetings.
Our club will benefit from having its own website to provide members ready access to governance, financial, and other materials. It will facilitate a better understanding of the workings of the club, improve communications, and generate efficiencies in our day-to-day operations. You will hear more about the website at our meeting this week.
Recruitment of new members is a top priority. We currently have thirty-one members and nine vacancies. Our membership does not reflect the membership of PG. Like stock portfolios, businesses and organizations benefit from diversity. So will Riverside. We need younger members, women, and those of differing racial and ethnic origins. This will be a change for Riverside, but a positive one, that recognizes events occurring around us. As an example, the shift of wealth into the hands of women recently prompted Richardson Wealth, one of Canada’s largest independent investment dealers, to set a target for half of its financial advisors to be women within five years. Younger and diverse members will bring fresh ideas and perspectives to the table creating a more interesting and stronger club. I have asked our newer members to assist in recruitment of their contemporaries. It will improve our demographics and make the club more meaningful for them. But we all have a role to play in seeking out good members.
We hear from you that our meetings can be improved. Well, let’s collectively do that. In an effort to streamline them, watchdog guidelines have been updated and circulated with the agenda along with the standard approach to delivering stock reviews. Better meetings require informed and concise reports on a consistent basis. Adherence to both of those directives is essential. Effort is being made to have more speakers. Zoom meetings are difficult, and less attractive, for presenters not having the opportunity to meet their audiences in person. We hope to be back to in-person meetings in March, but that is uncertain, so a bit more patience is required. Locating speakers can be time consuming, and your assistance is needed. Stimulating speakers on a variety of topics are welcome. They need not be financial advisors. Lively debate at our meetings is encouraged, but let’s not forget it is to take place in an atmosphere of congeniality and fellowship. More to come later on meetings.
Dealing with governance, Riverside is regarded as a partnership by the Canada Revenue Agency and perhaps by others. The Executive has considered whether it is preferable for Riverside to carry on as a corporation. That discussion is on going, and any change will have to be considered by the members. The tasks assigned to Investment Committee Chairs have been too onerous. Apart from being inequitable, it seems to be deterring members from participating on the committee and moving up to be the Chair. If club duties are divided fairly, they need not be a great burden on anyone. Responsibility for obtaining speakers has been shifted from the Chair to the Vice-President. Some tasks currently assigned to the Chair must be delegated by the Chair to members of the committee.
Let’s have a good year despite Covid. May we all meet again in person soon.
Russell W. Lusk
February 2, 2022
Treasurer’s Report
January 31,2022
Happy New Year!
2022 has started with a bang. First, we paid out three retiring members, Jim Gillis, Dave Merrell and Dave Slade. Unprecedented. Let’s hope we attract new members quickly. Otherwise, January was an unsettled month, closing slightly down from December.
Granite REIT and Aritzia were sold during the month at healthy profits. Terravest was sold again at our stop loss, again at a loss. At month end we had over $14,000 in realized gains. We remain cash rich, especially since the sales this month generated a lot of it. Our remaining portfolio is a real mixed bag. ATS and Topaz show good gains. Cognetivity, particularly, and Good Natured Products both are deeply in the red. Rakovina was our big January loser.
One oddity this month. There was no dinner meeting thus no costs. On the other hand, when members retire our Bylaws stipulate an administration fee of 5% is deducted. This is used to offset other costs. So, in January our costs were negative. The treasurer takes full credit for this.
DUES REQUEST! Repeat!!!
There are still several members who have not yet paid their 2022 annual dues of $480. Because there is no February dinner meeting I would appreciate receiving cheques either by mail or drop off at my house. The address is 1569 West 33rd Avenue, V6M 1A8. As some of you already know, drop off is very, very simple. We have a semi-circular two entrance driveway that leads right up to our front door. Drive in one side, three steps to the mail slot, drive out the other. It is the small grey bungalow right across the street from Shaughnessy Heights Church.
Our bank account is so old it will not accept electronic transfers. However, if members wish to go to their banks they can arrange a bank transfer to our bank account. Use Riverside Investment Club as a name and 27210 001 1017-638 as our account number. (Said to work but untried.) Alternatively, you can drop off cheques at the Point Grey office.
Jack Hurst
Treasurer
February 3, 2022