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MCM 2016 Annual Report

From our vantage point, 2016 provided more evidence of an aging bull market in complacency, during which the apprehensions of absolute-return value investors like ourselves were again elevated because of the generalized absence of fear itself. Not surprisingly, little attention…

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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…

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MCM 2014 Annual Report

“A rising tide lifts all ships” is bandied about in our profession like a shuttlecock at a garden party badminton game. It seems that whenever an analogy is that simple and quaint, there must be a catch. And there is: the…

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Slaying Goliath

Federal Reserve Chairman Alan Greenspan delivered a rather dry and complex speech on December 5, 1996. The reaction, however, to such a seemingly mundane oration was unexpectedly immediate and powerful. It rattled Greenspan’s confidence... Read entire essay here: Slaying Goliath

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Why 1925?

The Martin Capital Management Q2 2014 commentary (“Slaying Goliath”) left readers in suspense. It closed with a cliffhanger question … and a promise that it would be answered in the Q3 2014 edition now in your hands or on your screen. The…

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Master Limited Partnerships

It was the best of times and it was the worst of times for capitalism as railroads stitched their way across the North American continent in the late 19th and early 20th centuries. The businesses associated with this daunting enterprise provided jobs,…

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