A. North American Equity Market Statistics
During the third quarter, the Canadian equity market, as measured by the S&P/TSX total return index, increased by 10.3%. Year-over-year, the index increased 25.7%, including dividends. Global markets continued to focus on the actions of the major Central Banks, which have started to cut interest rates from 20-year highs. As we discussed in our last two quarterly reports, several of our favourite businesses continue to trade at substantial discounts to what we believe is their intrinsic value. This is providing us with unique opportunities to increase our weightings in these companies. Here are ten businesses we own in client accounts that we believe are trading at greater than 15% discounts, with several trading at greater than 25% discounts to intrinsic value:
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