In early October we sold our final tranche of TransAlta Corp. TA-T The stock was purchased twice in 2016, and our average price was $6.30. In December, 2024, we started to unload the position, and the final sale took place in this month at $21.09. This translated into a gain of 234.8 per cent, plus dividends along the way.

The experience with TransAlta highlights the benefits of our contrarian strategy. In 2016, we took a stake because the stock was cheap, the balance sheet was decent, and the industry was out of favour. Many analysts were concerned by persistent operational issues, force majeure events at TransAlta, and were forecasting prolonged electricity demand weakness across many of the company’s markets, including Alberta. Despite the problems, we thought the shares looked too

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