The Big Picture – Staying Invested We are strong adherents of the KISS (“keep it simple stupid”) philosophy when it comes to investing. Focus on a few things that matter: prudent asset allocation, quality of earnings and dividend growth, competitive… Read More
In 1994 a legendary wall street bond trader launched a new hedge fund with $1 billion in assets, recruiting several top traders, two future Nobel prize winners and several PhD’s from MIT. In its first three years the fund posted… Read More
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
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
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
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
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 Second Quarter 2019 Client Letter Anyone who has even casually sought investment advice has likely heard the adage “invest for the long-term”. It’s probably the most commonly dispensed piece of investment advice – right up there with “don’t put… Read More
AMM First Quarter 2019 Client Letter The 4th quarter of 2018 saw one of the largest jumps in volatility in years. The reasons for the volatility are now widely “known”. Political uncertainty, trade uncertainty, fears of a policy error by… Read More
AMM Third Quarter Client Letter: Over the last few years, no topic seems to have garnered as much interest and concern in the financial world than the specter of rising interest rates. For good reason, since interest rates affect everything… Read More
Will Rogers is often credited with the line that he was not so much concerned with the return on his money as with the