“The stock market is filled with individuals who know the price of everything, but the value of nothing.”
-Phillip Fisher-

Much as we have been expecting, volatility gripped the equity markets through much of August and September.  The downward swings were largely attributable to a sense of fear and uncertainty.  Although significant declines in valuation are always a concern, the longer-term investor can today look back and characterize the period as a bump in the road.  The investor with a shorter-term perspective may have grown overly concerned and locked in losses.

Since the third quarter drew to a close, we have seen some stability return to the equity markets and the downward pressure appears to have subsided, much to the relief of many investors.  The greatest concern may be that the markets are not so much rising on fundamentals, but on the expectation that the Federal Reserve may keep the punch bowl at the table a while longer.

CAM Market Commentary Q3 2015