ACM Commentary 2Q 2018

Download PDF Despite good earnings fundamentals, the S&P500 is up only 2.6% through the end of the 1st half, probably due to fears of rising rates and possible trade wars. As in prior years, most of the gains have come from the FAMAA (Facebook, Amazon, Microsoft,...

ACM Commentary 4Q 2017

Download PDF The rally since the November 2016 elections has continued more or less unabated, until recently. The passage of tax reform has added more fuel to the stock market fire. The S&P500 was up 21.8% in 2017 while Alamar Equity gained 21.4%. Since inception...

ACM Commentary 3Q 2017

Download PDF The S&P 500 was up 4.5% in the 3rd quarter, its 8th quarter in a row of gains. The index was up 14% through the third quarter, and has not posted a negative annual return since 2008. In that time, it has now provided a cumulative return including...

ACM Commentary 2Q 2017

Download PDF The first six months of this year have led to repeated new highs for the US stock market and in many other parts of the world. The S&P500 is up roughly 9.3% through the end of June, primarily led by a few well-known names with large weightings in the...

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...