David R. Kotok
Thu Apr 28, 2022

We’ve received permission from AMG Funds to share a chart they have created. We thank Ben Stevens for granting permission.


Cumberland Advisors Market Commentary - MAATMAN by David R. Kotok


Here’s Ben’s morning missive for April 25 and a chart pairing that shows the narrow list of holdings that are having a dramatic effect on the market averages.

The cliché “A picture is worth a thousand words” is validated by the charts and Ben’s explanation.

Ben wrote,

This week’s chart, Growth of $1M-MAATMAN, is an update of our popular chart that shows the growth of $1M in MAATMAN stocks (Meta, Apple, Amazon, Tesla, Microsoft, Alphabet, Netflix) vs. major indices. The chart covers two periods, first is Dec ’14 – Mar ’22 and the second period is Q1 ’22.


This chart shows the growth of $1M in MAATMAN stocks (Meta, Apple, Amazon, Tesla, Microsoft, Alphabet, Netflix) vs. major indices.


Takeaway: After years of outperformance by MAATMAN, the collection of those stocks are down more than the remainder of the S&P 500 since the beginning of 2021. Do you expect this trend to continue?

Ben asks the profound question about a very large concentration in a narrow list of stocks. The answer will be revealed in time.

We continue holding a cash reserve in our US Equity ETF accounts. That may change at any time.


David R. Kotok
Chairman & Chief Investment Officer
Email | Bio


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