Market Commentary

ACM Commentary 2Q 2021

Halfway through 2021, our forecasts for this year are on track. Thanks to the rapid rollout of vaccines, the Covid-19 viral outbreak seems to be getting under control. While the
emergence of variants such as Delta and Lambda needs to be watched carefully, studies so far indicate that the vaccines protect against severe outcomes. As a result, the US economy is
booming! Almost all of our investments have beaten their outlook and raised guidance for this year. We expect this trend to continue for the rest of the year.

ACM Commentary 1Q 2021

With the arrival of March, we stumbled across the one-year anniversary of the COVID-19 related global lockdowns that resulted in the fastest and deepest contraction in the economy since WW II. There is much to celebrate this spring, most notably continued and accelerating progress on the vaccination front.

ACM Commentary 4Q 2020

Last year was one for the history books. In our view, historians and scientists will look back and be aghast at the sheer lack of preparation and ineptitude at all levels of government to deal with the COVID-19 outbreak. We hope you and your family are staying safe...

ACM Commentary 3Q 2020

Though it is already well in the rearview mirror, the third quarter saw a continuation of the market's dramatic recovery from the Covid-19 pandemic. Thus far, this trend has continued into the 4th quarter. Through the end of November, the S&P 500 is now up 64%...

ACM Commentary 2Q 2020

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 – a worldwide pandemic, racial...

ACM Commentary 1Q 2020

MARKET COMMENTARY It is hard to fathom that just 6 weeks ago, on February 19th, the U.S. stock market reached an all-time high when S&P closed at a record 3,386. Of course, a lot has transpired in the weeks since, leaving most of us sheltered in our homes, dealing...

ACM Commentary 4Q 2019

​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, exhibited the converse phenomenon. In 2018,...

ACM Commentary 3Q 2019

MARKET COMMENTARY Despite plenty of headline risk and relative uncertainty, the market and asset classes of all kinds continued their upward march in 2019. The chart below depicts the performance of various asset classes across the risk spectrum through October of...

ACM Commentary 2Q 2019

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 businesses, growing well, trading at reasonable valuations – we expect more acquisitions in the future.

ACM Commentary 1Q 2019

The U.S. equity markets came roaring back in the first quarter of 2019, shaking off the 4th quarter hangover from last year, due to weakening global fundamentals and decreasing U.S. corporate earnings. In fact, the S&P finished the first quarter within a few percentage points from last September’s highs, as stocks flourished under a more accommodative Federal Reserve (Fed) and renewed optimism about the U.S. economy.