CAM Market Commentary Q1 2016

“Risk control is the best route to loss avoidance. Risk avoidance, on the other hand, is likely to lead to return avoidance as well.” -Howard Marks-

For investors, 2016 did not begin with a bang. It began with a thud.

The downward trend in equities, which had begun in the latter half of 2015, intensified. Equity markets mirrored the drop in oil, which was seen as falling due to a lack of global demand.  Financials, in particular, took a hit, as fears of stymied credit began to over-hang the markets. Due to the long lead time in oil production, many large banks had extended credit to oil producers. As the price of oil continued to fall, investors worried that these loans would not be repaid.

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CAM Market Commentary Q4 2015

“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.

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CAM Market Commentary Q3 2015

“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.

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CAM Market Commentary Q2 2015

“Everything is funny as long as it is happening to somebody else.” -Will Rogers-

Throughout much of the second quarter, major equity indices reacted like a roller coaster. Equities rose and fell as investors weighed a potentially changing economic landscape and struggled to determine how various positions would be effected. Read More

Update on the Greek Crisis

“Drop a pebble in the water: just a splash, and it is gone; But there’s half-a-hundred ripples circling on and on and on…”  -James Foley-

Even small economies like Greece can have a profound ‘ripple’ effect on the increasingly interrelated global economy.  Much like dropping a small stone in a pool of water, the effects of economic success or failure can be far reaching.  We thought you would enjoy the attached analysis, which offers a unique perspective on the proverbial Greek tragedy.

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