“You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets.”
– Peter Lynch-

For perhaps the first time since 2011, when volatility disrupted a two year assent in asset valuations, investors found themselves forced to seriously examine their convictions last year. The on-going slide in oil prices, a slowdown in China and the increasing probability of the first interest rate increase since The Great Recession, prompted investors to seriously consider whether the advance in equity valuations could continue.

CAM Quarterly Newsletter Q4 2015