Quarterly Writings

ACM Commentary 2Q 2015

In our fourth quarter 2014 letter we discussed how valuations had become frothy and we were having difficulty finding suitable investments. Six months into the year our forecast has been borne out, the S&P500 is up roughly 1% through the end of the second quarter....

ACM Commentary 1Q 2015

MARKET SUMMARY Strong performance in February was able to offset losses in January and March, enabling the market to continue its march higher in the first quarter. The S&P 500 managed a 1% return in the quarter, marking its ninth consecutive positive quarterly...

ACM Commentary 4Q 2014

The markets did very well in 2014 after an even better 2013. While we made money for our clients, we underperformed the broader equity market primarily because of our smaller company bias, large cash holdings and underperformance from some of our longer-term holdings....

ACM Commentary 3Q 2014

MARKET SUMMARY The S&P 500 churned slightly higher in the 3rd quarter (+1.1%), resulting in year to date performance of +8.3% through September 30th. Our equity accounts were down -1.2% in the 3Q, and are up roughly 1.6%, net of fees, for the year. Since inception...

ACM Commentary 2Q 2014

The markets continued their run in the first half of this year after a very strong 2013. Our equity accounts are up roughly 2.7%, net of fees, for the year. Since inception in 2010 our investments have cumulatively grown 120% (19.2% annualized, net of fees) while the...

ACM Commentary 1Q 2014

MARKET SUMMARY With the close of the 1st quarter the S&P 500 achieved a bumpy 1.8% return, while the Russell 3000 index was up 2.0%. For many investors, due to the heightened volatility and a rough January, it might have felt as if the market was actually down in...