Ah! That explains it!

A little ways back someone on the board, dissing our stock picking, especially our SaaS “no-profit” stocks, said that “Anyone is a genius in a Bull Market!”

I see that as of today’s close, the S&P is up 0.6% year-to-date! (It started the year at 2684, and it’s currently at 2700). A clear Bull Market!

I guess that explains why my portfolio is up 18.9% so far this year, and I know that many of you have done even better.

Maybe picking good stocks works after all. Thanks to you all for all your help. This board is really a wonder thanks to everyone contributing and working together to find and choose great companies.

Thanks again,



To your points about quality names being brought this board and moreover the quality analysis- No one has yet to comment on Open Text,OTEX, brought over from Bert a couple days ago. I wrote what I thought was a provocative question about how OTEX sounds a bit like AYX in that it is an EIM of AI in the cloud serving as a platform (or potential platform) in this rapidly evolving space. In saying that I’m trying to predict the future a bit - a bit too much perhaps. But in doing so I was hoping to elicit some comments. I’ll tone it down if that’d work better?


No one has yet to comment on Open Text (OTEX), brought over from Bert a couple days ago.

Hi afootaller,
I admit I haven’t read that post yet or Bert’s write-up, but three of my companies reported yesterday and I’ve been busy catching up and reading conference call transcripts whenever I have a chance. I’ll try to take a look by this weekend.

Well Saul, you’re a bit ahead of me, I’m up 17.2% since the first of the year. Yeah, must be the bull market . . .

To be honest, I’m somewhat amused by the reactions on this board based on the market’s performance on a given day. The market sinks for two or three days and it’s oh-no, disaster, the sky’s falling!! Then there’s a recovery and whoopi, let’s celebrate!!

While I pay attention daily, I try to avoid getting crestfallen or too excited no matter what the daily gyrations of my investments.

Mostly, I read a lot to see if there’s a material change in the businesses I own and to determine if I should possibly migrate some funds to a business I don’t currently own (i.e. PSTG). Other than that, I accept that there will be good days and bad days.

That being said, I am concerned about the possibility of a recession along with a lengthy bear market. I haven’t hedged anything yet, but it’s a strategy I’m learning about. It’s inevitable, I’d like to protect my gains. This is not a matter of timing the market. There will be macro-economic indicators that will signal the onset of a recession.


I don’t know about Open Text as a stock, but it is a company I would never invest in because of what I know about the way it treats its employees and how it savages, rather than grows, the companies it acquires.


OTEX returned 15.6% annually for the past 20 years. It’s a software company consolidator. Software is the best industry to invest in and software consolidator is even better. Constellation Software is very similar and its stock has one of the best performance in history.


I hope my request for others to take a look at OTEX didn’t come off as though I would rather you not look into the quarterlies - please believe me I am squarely in you’re corner supporting you and looking forward to your analysis. Please, no pressure intended. Thanks you.

Hi taller,

I’ve found that anywhere you go, the best way to get something, is to give something. How about bringing some thoughts on the company, throw in some numbers and make a case? (“The price of XYZ sure has been rising” does not count.)

As far as OTEX goes, the first thing I see is volatility. It went up 10% and back down 10%, just this month. What gives?

With earnings season upon us, this is a busy time, and most of us are all business right now. Also, Saul would like to keep the board on track to be all business, all the time.