ONEX (ONEX TSX) We have followed ONEX for a very long time. Under the leadership of Gerald Schwartz, ONEX became a private equity powerhouse in Canada. It owns many businesses, however one that viewers may recognize is WestJet. While Mr. Schwartz is no longer at the helm, he built a deep bench of talent. We have faith in the current management’s ability to execute and accrete value to shareholders. The current CEO, Mr. LeBlanc, has been with the organization for almost a quarter century and should continue to lead in the same manner as Mr. Schwartz had. Since the peak in January 2022, the stock price had a significant tumble, while the value of the business has increased. Management has taken notice and has increased its share buybacks at what we believe are huge discounts to intrinsic value. We purchased a position at $79.90 in late summer.