Posted on January 25, 2017
2017 Quick Tax Facts
“Death, taxes and childbirth! There’s never any convenient time for any of them.”
-Margaret Mitchell, Gone With the Wind–
Convenient or not, taxes are a reality that we must all accept. They are dues – our individual contribution to infrastructure, services, and security.
But the taxes we pay are never static. The parameters – from the marginal income tax rates to what is and is not deductible – can change annually.
Posted on July 21, 2016
CAM Market Commentary Q2 2016
“Whenever you find yourself on the side of majority, it is time to pause and reflect.” -Mark Twain-
After an unusually rough start, equity markets have reached new highs in 2016, thanks in large part to Central Bankers around the world, who remain overwhelmingly committed to keeping interest rates “lower for longer”.
The hurdles have been many. First, growth has been limited and in some sectors non-existent. Energy, which often signals future growth or decline, has been extremely volatile. Business investment has decreased. China, the world’s second largest economy experienced a significant pull-back. British voters quite unexpectedly decided to pull out of the European Union, calling the long-term viability of the union into question. Yet despite these obstacles, equity valuations have continued to climb relatively unabated.
Posted on June 20, 2016
Tune Out the Noise and Stay the Course
“Stay the course. When thwarted try again; harder; smarter. Persevere relentlessly.” -John Wooden-
This is a nice overview by the American Funds to help long term investors tune out the noise and stay the course during a presidential election year.
As the battle for the White House heats up, candidates are drawing attention to the challenges facing the nation — everything from economic instability to immigration.
But while it might seem like we’re living in highly troubled times, tumultuous events have been a constant theme for presidential elections throughout history.
Posted on April 26, 2016
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.
Posted on March 7, 2016
Berkshire Hathaway Shareholder Letter – 2015
“It is not necessary to do extraordinary things to get extraordinary results.” -Warren Buffett-
The Oracle of Omaha speaks again in his eagerly awaited annual Shareholder letter.
As the political rhetoric escalates, Buffett is once again the voice of reason. Over the cacophony, he points out that many have become way pessimistic. As parents voice concerns that their children will be forced to accept a lower standard of living, Buffett points out that American babies born today are the “luckiest crop in history.” Read More
Posted on January 27, 2016
2016 Quick Tax Facts
“I like to pay taxes. With them, I buy civilization.”
-Oliver Wendell Holmes, Jr.-
Much like change, taxes are a fact for most of the world’s population. Both are constants. Interestingly, one constant – change – always impacts the other – taxes.
Toward the end of every year, the Internal Revenue Service digests Congressional action and its own regulation into a press release, updating relevant tax parameters for the following year. Read More
Posted on January 25, 2016
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.
Posted on October 15, 2015
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.
Posted on August 4, 2015
Howard Marks: Risk Revisited Again
“You can’t predict. You can prepare.” -Howard Marks-
From time to time, we come across a piece, offering a unique perspective that we think our clients may find interesting and refreshing.
Attached is such a letter. Howard Marks, founder of Oaktree Capital Management, drafted this memo to his clients. In addition to building a reputation as an astute money manager, Marks is also highly regarded as a writer for his folksy charm and pragmatic insight, earning high praise from even Warren Buffett.
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Posted on November 14, 2016
CAM Market Commentary Q3 2016
by C. Todd Fry, CIMA(R), CFS
“I’m optimistic about the country; I’m optimistic about the American people.” -Howard Schultz-
Despite an unusually antagonistic and polarizing General Election campaign, equity markets remained relatively calm through much of the Third Quarter 2016, despite underlying concern over the possibility of a rate hike. As the quarter began, lingering anxiety over the June 24th Brexit vote was soon replaced with intense scrutiny of the Federal Reserve.
Read More