This article is excerpted from a letter by Alain Robitaille, portfolio manager of Robitaille Group at Desjardins in Quebec, Canada.

At the time of writing, we had just watched Bianca Andreescu’s historic victory at the US Open. I saw the match like a record number of Canadians I’m sure, and was able to appreciate the unbelievable precision of both players’ shots. While we were watching, Fanie and I were discussing how difficult it is for an amateur to play tennis. The audience ratings for truly amateur players like me would certainly not be as high, and for good reason! We also learned that the Stornoway Diamond Corp. diamond mine had just filed for creditor protection. This piece of news together with the Canadian tennis player’s exploit reminded me of Charlie Munger and Charles Ellis.

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Disclaimer: None of these returns take management fees into account. This data reflects past performance and is not indicative of future returns. This newsletter may contain statistical data cited from third party sources we believe to be reliable. Desjardins Securities makes no claim regarding the accuracy or completeness of the statistic information obtained, and readers should not rely on it in this respect. Alain Robitaille and Fanie Ouellet are registered as portfolio managers with self-regulatory organizations. In accordance with Investment Industry Regulatory Organization of Canada (IIROC) Rule 1300, they are authorized to make investment decisions and provide advice on securities for managed accounts. With the exception of Alain Robitaille and Fanie Ouellet, no member of the Robitaille Group may exercise any discretionary authority with respect to a client’s account, approve discretionary orders for a managed account or participate in the formulation of investment decisions made on behalf of the holder of the managed account or advice for a managed account. Each of the Desjardins Securities advisors named on the front page of this document or at the beginning of any section of this same document hereby confirms that the recommendations and opinions expressed accurately reflect the personal opinions of the advisors with respect to the company and the securities discussed in this document, as well as any other company or security monitored by the advisor that is mentioned in this document. Desjardins Securities may have previously published other opinions, including ones contrary to those expressed herein. Such opinions reflect the different points of view, assumptions and analysis methods of the advisors who authored them.