ACM Commentary 2Q 2020

ACM Commentary 2Q 2020 Download PDF While it’s only been six months into a new year, it seems like a decade has gone by! To say this year has been full of surprises would be a severe understatement. Even in our worst nightmares we are unable to dream up a sequence of...

ACM Commentary 4Q 2019

ACM Commentary 4Q 2019 Download PDF ​Last year was a stark contrast to the prior year. While all asset classes declined in 2018, investors enjoyed a bounty of riches in 2019 – every asset class produced positive returns. Corporate profits, on the other hand,...

ACM Commentary 2Q 2019

ACM Commentary 2Q 2019 Download PDF This year started off with a bang for Alamar. Three of our stock holdings were purchased for large premiums. We cannot recall a time when this has occurred over our 10-year history. Given the nature of our holdings – good...

ACM Commentary 4Q 2018

ACM Commentary 4Q 2018 Download PDF The year 2018 will go down as one for the ages. Every major asset class and equity market around the world declined. After 9 consecutive years of gains, the S&P500 dropped 4.4% last year. For our part, we produced positive...

ACM Commentary 2Q 2018

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...