ACM Commentary 2Q 2015

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%...

ACM Commentary 4Q 2013

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...

ACM Commentary 2Q 2013

ACM Commentary 2Q 2013 Download PDF The market rally continues as fear and skepticism slowly give way to greed. Coming into the year investors were worried about the impact of higher taxes and reduced government spending on the economy and the markets. Despite these...

ACM Commentary 4Q 2012

ACM Commentary 4Q 2012 Download PDF After all the handwringing about the presidential elections, Europe, and the fiscal cliff, the markets performed admirably in 2012. The S&P500 was up 16.1%, substantially above long-run returns and more than twice the growth of...

ACM Commentary 3Q 2012

ACM Commentary 3Q 2012 Download PDF This quarter we will depart from our normal practice and discuss our thinking on a popular stock, albeit one we have not invested in. We will also explain our views on the economy and the Federal Reserve’s latest round of...