ACM Commentary 4Q 2016

Download PDF The election of Donald Trump as the next US President led to a furious market rally in the 4th quarter. The S&P500 was up almost 6% in the last 2 months of the year, roughly half of the full year’s gain of 12%. Most of the gains were led by the...

ACM Commentary 2Q 2016

Download PDF A lot has happened since our last update, however, the US equity market is stuck in the doldrums, as we expected. Given the upcoming election season, we will cover some of the fundamental economic issues facing the next President and our views on the...

ACM Commentary 4Q 2015

Download PDF As we expected, equity markets did poorly in 2015. The S&P 500 was down on a price basis and was up a bit over 1% when including dividends. Our equity accounts performed a touch better, up over 2% for the year, net of fees. Since inception in 2010 our...

ACM Commentary 2Q 2015

Download PDF 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...

ACM Commentary 4Q 2013

Download PDF The year 2013 will go down as one of the best years for equity investing. Despite all the dysfunction in Congress and the possibility of tapering by the Federal Reserve (taper tantrums), the S&P500 ended the year up over 32%! At Alamar, despite...