Commentary

Past Commentaries

2021

• Inflation, Markets and Returns – QTR 21-2 Commentary-ACR
• A Few Reflections on Risk – QTR-21-1-Commentary-ACR

2020

• A Triumph of Science – QTR-20-4-Commentary-ACR
• A Value Depression Opportunity – QTR-20-3-Commentary-ACR
• The Bubble in the Crash – QTR-20-2-Commentary-ACR
• Historic Times – QTR-20-1 Commentary ACR

2019

• A Decade of Destabilizing Stability – QTR-19-4 Commentary ACR
• True Value – QTR-19-3 Commentary ACR
• We’ve Seen this Movie Before – QTR-19-2 Commentary ACR
• A Historic Divergence – QTR-19-1 Commentary ACR

2018

• Profit Signals, Market Noise – QTR-18-4 Commentary ACR
• Volatility and True Results – QTR 18-3 Commentary ACR
• The “B” Word – QTR 18-2 Commentary ACR
• Quantifiable Absolute Returns – QTR 18-1 Commentary ACR

2017

• Margin of Safety – QTR 17-4 Commentary ACR
• Risk and Volatility – QTR 17-3 Commentary ACR
• Priorities and Performance – QTR 17-2 Commentary ACR
• Melt-up – QTR 17-1 Commentary ACR

2016

• The Voting Machine and a Different Kind of Bubble – QTR 16-4 Commentary ACR
• Passive Investing and Stock Market Structure – QTR 16-3 Commentary ACR
• Keeping Time – QTR 16-2 Commentary ACR
• Top-Down Concerns; Bottom-Up Opportunity – QTR 16-1 Commentary ACR

2015

• That Giant Sucking Sound – QTR 15-4 Commentary ACR
• Staying Right Sized – QTR 15-3 Commentary ACR
• The Great Reflation and Stock Prices – QTR 15-2 Commentary ACR
• 15 Years On: The Worst of Times Revisited – QTR 15-1 Commentary ACR

2014

• Rolling Along, with Lots of Insurance – QTR 14-4 Commentary ACR
• Investment, Speculation, and Market Timing – QTR 14-3 Commentary ACR
• Protecting Capital for the Long Run – QTR 14-2 Commentary ACR
• Revisiting the Impact of Low Interest Rates on Equities – QTR 14-1 Commentary ACR

2013

• Swimming against the Tide – QTR 13-4 Commentary ACR
• What Corporate Profits Are Telling Us – QTR 13-3 Commentary ACR
• The Low Rate, High Profit Value Mirage – QTR 13-2 Commentary ACR
• Struggling to Find Value – QTR 13-1 Commentary ACR

2012

• Hangover Part II – QTR 12-4 Commentary ACR
• Stock Picking and Playing Defense – QTR 12-3 Commentary ACR
• Media Madness and the Music of Business – QTR 12-2 Commentary ACR
• The Recovery and Stock Prices – QTR 12-1 Commentary ACR

2011

• The Most Important and Misunderstood Idea in Investing – QTR 11-4 Commentary ACR
• The Past as Prologue – QTR 11-3 Commentary ACR
• One Foot In, One Foot Out – QTR 11-2 Commentary ACR
• The Forest from the Trees of Investment Returns – QTR 11-1 Commentary ACR

2010

• Lessons and Myths – QTR 10-4 Commentary ACR
• Fate of the V Shaped Profit Recovery – QTR 10-3 Commentary ACR
• Sovereign Tremors and Real Wealth – QTR 10-2 Commentary ACR
• Valuations and Path Dependence – QTR 10-1 Commentary ACR

2009

• The Old Normal – QTR 09-4 Commentary ACR
• Exactly the Wrong Thing – QTR 09-1 Commentary ACR

2008

• From Caution to Courage – QTR 08-4 Commentary ACR

2007

• Same Story, Different Channel – QTR 07-4 Commentary ACR
• Risk Control – QTR 07-2 Commentary ACR

2006

• Navigating – QTR 06-4 Commentary ACR

2005

• Uncle Myron’s Afro – QTR 05-4 Commentary ACR

2004

• Revenge of the Bubble – QTR 04-4 Commentary ACR

2003

• Patient Investing – QTR 03-4 Commentary ACR

2002

• Market Psychology and Economic Facts – QTR 02-4 Commentary ACR
• Rip Van Winkle – QTR 02-3 Commentary ACR

2001

• Introducing Mr. Market – QTR 01-2 Commentary ACR

2000

• Growth at Any Price? – QTR 00-3 Commentary ACR
• The Worst of Times – QTR 00-1 Commentary ACR