This is the first article by Katie Darden in a two-part series about Camp Kotok, a yearly gathering of economists and financial professionals organized by Cumberland Advisors Chairman and Chief Investment Officer David Kotok. Click here to read the second part. Camp Kotok’s horizons extend far beyond the woods of Maine and the borders of the United […]
Jeremy Schwartz, CFA shares his pleasure and honor to be a part of the Camp Kotok weekend during his podcast from the radio show with Bianco and Barnes. Listen here: https://soundcloud.com/user-20931378/behind-the-markets-podcast-martin-barnes-james-bianco
At Camp Kotok, an annual gathering hosted by David Kotok of Cumberland Advisors, 50 or so economists, wealth managers, traders, heads of research, pundits, and a few journalists flocked to Leen’s Lodge for a long weekend of fishing, shooting, and vigorous debate. Chatham House Rule was in effect, granting attendees anonymity. The talk, however, was free game and it ran the gamut from market valuations and the rise of exchange-traded funds to Federal Reserve policy and health care.
If there was a single question that kept coming up, it was whether global asset markets were overvalued. “This bull market is tired,” was a common refrain. The counterarguments were many and vigorous. Barry Ritholtz of Ritholtz Wealth Management was quick to point out that measuring bull markets from the lowest-lows—March 2009—is essentially a mental error—by that measure, the 1980s bull market started in the 1970s.
Instead, measuring from the “higher highs,” the current bull market is essentially a toddler:
For a larger view, please click on the image above.
Further on the bull side, there was broad dismissal of the current chaos in Washington, and a strong focus on fundamentals that still look strong: Corporate earnings are at all-time highs, and that should remain the driver of at least the U.S. equity markets.
Tomorrow I head for the backwoods of Maine and Camp Kotok – always one of the high points of my year. Most of my readers know by now that Camp Kotok is the annual fishing trip cum economics gab-fest hosted by David Kotok of Cumberland Advisors. It’s an invitation-only event that has been compared to […]