Patient Capital's Q1 2012 Letter

Found via Canadian Value Investing.

Despite the above noted issues Canada seems to be on top of the world. Canada avoided many of the serious problems arising from the financial crisis of 2008 and 2009. In addition, our financial system has been heralded as a model of prudence and good management. The Canadian economy buoyed by the developing world’s need for commodities has been relatively strong and resilient. Canadian consumers are continuing to spend and our housing markets are strong right across the country. Canadian equity markets and the Canadian dollar have also performed well. Foreign investors are flocking to Canada as an opportunity for growth and as a safe haven. All appears to be well in the land of the Great White North!

But we are getting nervous! We think that the Canadian economy and Canadian equity markets may be headed for some serious pullbacks.