This month we would like to introduce a new section to our quarterly commentary entitled What do we own? In this section, we will talk briefly about our three best and worst performing stocks during the past quarter. When we invest in companies, we place a great emphasis on the fundamentals of the business, with a keen eye towards the companys treatment of shareholders as stakeholders. The stocks in your portfolio are far more than just symbols or lines on charts; they are fractional ownership interests in real underlying businesses. Our hope is that in discussing these stocks in more detail in our commentary, you can share in some of the excitement we have for the underlying businesses, and can foster a sense of pride in the businesses that you are a part of as an owner.
There is yet more positive we can say about IMAX and feel as though the international story could justify its own long write-up, but we need to draw the line somewhere. The fact of the matter is, IMAX business economics are outstanding. While it may seem far-fetched today, IMAX has a very legitimate opportunity to become the first ever ubiquitous global standardized platform for cinema display. This is a possibility we did not discuss at all above, though we hinted at it when pointing out how overdue the film industry is for an update in screen standards. Should this happen, there is optionality to the value of the company that would be impractical to estimate today. Further, IMAX is the only North American film institution in a position to work as a partner with burgeoning international film regions like Bollywood in India and Chinas own domestic production companies.