MCM 2015 Annual Report

We should note at the outset that if one is prepared, bear markets are to be welcomed, not feared. Moreover,
the farther markets fall below our measure of aggregate intrinsic worth, the more likely it is that the list of
companies selling at ridiculously low prices will grow to the point where the number of opportunities
gradually outstrips the money we have available…

Read entire report here: Martin Capital Management 2015 Annual Report_