Richard Fogler CI Financial Corp CIX-T TOP PICK Sep 11, 2024

A massively levered company, though the business does well and gushes cash glow. But they spend a lot of money to buy asset manager businesses. That has not panned out.

Aggressive acquisition hunt for the last decade. Tough to be an independent in Canada, as Canadian banks control so much of net worth. He'd rather own the banks with their broader diversification. Warren Buffet says "A lousy industry will beat great management every time."

There have been management changes and it pushed too hard into the U.S. It has a good dividend yield of 5.4% and is buying back stock

Well established Canadian investment firm. Has watched for a long time, but never attractive enough to justify investment. Good management team with good capital allocation. However, better names in portfolio. 

Are very different asset managers. CI's balance sheet is not good. Prefers BAM, but shares have risen to a high valuation. Great managers and earnings stream (asset management fees).

Taken out at $32.

(Taken private 12 August 2025.)