The Covid19 induced recession of 2020 led to the strongest fiscal and monetary policy response in history. The stimulus was global in nature, and has likely set the world up for a significant boost to growth in the years to… Read More
Price (Still) Matters
Looking back over the last year reminds us why our 5th and final core investment principle is: “you cannot predict the future”. Hindsight analysis suggests the Federal Reserve induced liquidity, low interest rates, and massive fiscal stimulus were the reason… Read More
The Financial Impact of Low Interest Rates
Perhaps no picture better represents the financial impact of Covid than that of the 10-year Treasury yield. While rates have remained below 3% for most of the last decade, the post Covid drop below 1% for the first time ever… Read More
Bull Market, Bear Economy
AMM 3rd Quarter 2020 Client Letter Imagine a modern day Rip Van Winkle had imbibed a bit too much on New Year’s Eve 2019 and fell into a long 6 month slumber. He awakens to a strange new world. People… Read More
Your Retirement Account and the CARES Act
We want to call your attention to important changes made pursuant to the SECURE Act passed in 2019 and the recently passed CARES Act. These new provisions provide several benefits to retirees and retirement savers, as well as some potential pitfalls. Perhaps most… Read More
A Real Bear Market
You make most of your money in a bear market; you just don’t realize it at the time. -Famed value investor Shelby Davis. The COVID19 induced market panic led to the quickest Bear Market (loosely defined as a drop of… Read More
Coronavirus Risk and Your Portfolio
If you have been following the news over the last few weeks, then by now you are aware that 1) there is a novel coronavirus spreading around the globe, and 2) global stock markets have been selling off as a… Read More
Predicting the Past
AMM First Quarter 2020 Client Letter A few years ago we attended the Chartered Financial Analyst (CFA) Society’s annual forecast dinner in San Diego. Attendees were a group of mostly professional analysts charged each year with the task of predicting… Read More
Investing Should Be Boring
AMM 4th Quarter 2019 Client Letter Investing is by default a boring exercise. Buying a stock and checking the share price 4 times a day to see how much money you are making (or not) might be fun, but it’s… Read More
AMM Dividend Letter 41: How Brewing Beer is Like Investing and Intuit (INTU)
Brewing beer is a simple recipe. Water Malt Yeast Hops First, mill grains to break up the kernels. Then steep the grains in hot water to turn its starches into sugar. The result is a sweet liquid called wort. Then… Read More
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