Subject: Re: OT, out
(c) To further bolster point (a) above: I opened up a pretty big new position in a non-US stock on April 3, just before a certain US announcement that had some adverse economic ripples. Oops.
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Hi Jim,
would you be willing to share the new non-US stock with us?

Sorry, I don't hang out on this board much, just saw your message.

That day I was a buyer of ATD.TO, Alimentation Couche-Tard. (French for "night owl foods", roughly, as they are based in Quebec). They are the owners of various convenience store chains, including several linked with gas stations, in a number of countries. Canada, US, Japan, Scandinavia. A lot of people know them best as the owners of Circle-K.

They have been trying to buy 7-Eleven Japan, and the drama of the takeover fight has hurt their share price, which is somewhat more attractive than their historical (high) norm. Historically, this has been an amazing business that is never cheap. Trend earnings per share about 4 times what they were a decade ago, which is a little under 15%/year growth rate.

This is one of the things that I have bought recently that is doing badly so far. It may or may not be a good investment, I have been known to make mistakes (ha!), but it's a 7.4% better buy now than when I bought : ) ATD.TO, currently at C$68.77. All time high is about $87, early last year. I think an ADR trades in the US as ANCTF. The volume is tiny, but the bid/ask is also tiny because of arbitrageurs so that's not an issue.

I plan to double my position on the next dip. Or maybe not wait, I haven't decided.

Jim