Commentary
Quarterly commentary by Alpine Private CapitalA Few Reflections on Risk
The past 15 months have been an economic rollercoaster: a pandemic, market crash, severe recession, polarizing election, and dazzling recovery. We have made the best of it. ACR strategy market values surged over the past six months on both an absolute and relative basis (for updated results see www.acr-invest.com/strategies).
Past Commentaries
2021
- 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