The Investment Reporter, in its Aug. 21, 2015, issue, says hold The Descartes Systems Group Inc., recently $22.09. The Reporter said buy three times from Nov. 11, 2011, to May 17, 2013, at prices ranging from $7.35 to $10.70. Assuming an investment of $1,000 for each of the three buys, the $3,000 position would now be worth $7,731. The logistics company is making acquisitions to expand. On July 20, 2015, Descartes agreed to pay up to $83.5-million (U.S.) for MK Data Services, which provides denied party screening trade data and software. On July 22, 2015, the company agreed to pay $11.25-million (U.S.) for BearWare Inc., which provides carton freight tracking. Descartes can afford to make these purchases; on April 30, 2015, it held cash and short-term investments of $129-million (U.S.) and had no debt. The trouble is, the stock looks too costly. Descartes is expected to earn 36 cents a share in the year to Jan. 31, 2016, giving an excessive price-to-earnings ratio of 56.6. Based on next year's earnings estimate of 47 cents a share, the P/E ratio is still a high 47. The company pays no dividends, which means you can only make money if the shares continue to rise. Hold Descartes if you already own it.