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MCM 2019 Annual Report

The S&P 500 rose a roaring 29% in 2019. The market was nearly indomitable but for a few pullbacks that were both moderate and brief. Maintaining portfolios almost entirely in cash, MCM did not participate in this rally. Here is…

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MCM 2018 Annual Report

Although the S&P 500 (including dividends) declined 4.39% for the year, all our client portfolios were up low single digits after fees. Even the market’s 19% plunge from September 20 through year-end had little negative effect on our performance. Favoring…

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MCM 2017 Annual Report

As highlighted in last February’s letter, we as absolute-return value investors found it more and more difficult to find bargains in a seemingly endless bull market. Using the S&P 500 as proxy, what was expensive as 2016 ended was marked…

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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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