19NOVEMBER 2023What makes the Chou Funds different from other mutual funds is Francis' style, performance, and character, reflected when buying fixed-income instruments or equities. Chou's value-oriented approach to investing involves a detailed analysis of the strengths of individual companies, with much less emphasis on short-term market factors. Far greater importance is placed upon an assessment of a company's balance sheet, cash flow characteristics, profitability, industry position, special strengths, future growth potential, and management ability."Bear markets are good for value investors. We find bargains and follow the buy cheap stocks strategy. We buy securities at 60 cents if we estimate that the intrinsic value is one dollar. Though investing becomes challenging when stocks are selling close to their fair value, our strategic, data-driven, and disciplined approach helps us navigate through it," says Chou.CAMI doesn't chase speculations and will not purchase securities that cannot be subjected to proper fundamental analysis. As a highly disciplined firm, they only buy stocks when they fall and enter the bargain territory. They have the expertise to evaluate great companies, mediocre businesses, and CRAP (Cannot-Realize-A-Profit) September 30th, 2023 YTD 1-Yr 3-Yr 5-Yr 25-Yr 30-Yr 36-Yr Chou Associates Fund 957 1068 1 294 4 1 1 # Funds in Global Equity 1,090 1,090 957 851 40 20 10 September 30th, 2023 YTD 1-Yr 3-Yr 5-Yr 25-Yr 30-Yr 36-Yr Chou RRSP Fund 7 16 1 13 2 1 1 # of Funds in Canadian Focused Small/Mid Cap Equity 21 21 21 19 <10 <10 <10 September 30th, 2023 YTD 1-Yr 3-Yr 5-Yr 10-Yr 15-Yr Chou Asia Fund 1 1 1 1 1 1 # of Funds in Asia Pacific ex-Japan Equity 33 33 32 32 29 12 September 30th, 2023 YTD 1-Yr 3-Yr 5-Yr 15-Yr 18-Yr (Incepon) Chou Bond Fund 45 398 1 1 1 1 # of Funds in Global Fixed Income Balanced 496 496 457 379 73 21 companies. According to Chou, the key to being a successful investor is to have the knowledge and the ability to accurately assess what the company is worth and then buy them at a bargain price. CAMI has maintained this discipline throughout its existence, helping it navigate the stock market's ups and downs. "We focus on the long-term as they guarantee greater returns compared to short-term," adds Chou.Chou Funds Annual Report for 2021 demonstrates that clients who had invested $10,000 in Chou Associates Fund on December 31st, 1986, received a total return of $276,407 by the end of 2021. The company also educates clients on the long-term benefits of mutual funds and helps fight their nervousness regarding potential inflation. Investors can buy the Chou Funds through a brokerage house. However, accredited investors with over one million dollars in assets can buy directly through CAMI. Individuals and investors feel comfortable investing in Chou Funds due to their track record of obtaining greater returns year after year. Chou Funds has received significant traction through word of mouth, which has remained their growth strategy. We focus on long-term as they guarantee greater returns compared to short-term
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