Includes detailed analysis of Trapeze Asset Management's positions in ORXGF, ATXMF, EDYYF, MKRYF, ALK, SBBTF, MDT, TJX, TAP, SIEGY, SNY, JNJ, HHC, HUSKF, CCT, RA, MGRUF, TPRFF. There's a reason that what we just witnessed is typically called a correction—it’s a lesser setback than a bear market, and is temporary in nature as it brings the market back down from an extended level. Our preference, as long as we can find a sufficient number of undervalued companies—stocks trading 20% or more below our estimated appraised values—is to be fully invested.