General Commentary – March 2018

The most striking feature of this quarter has been the return of volatility after a couple of years of it being exceptionally low. The change was especially prevalent in February when the CBOE’s SPX Volatility Index, “the Vix” spiked to a high of 37 (a level seen only once over the past six years) and…

General Commentary – December 2017

As I wrote to you last quarter, I believe the US stock market is expensive but is not in bubble territory. Other equity markets around the world and other asset classes continue to be somewhere between reasonable and expensive. What’s remarkable about this bull market is that it’s been detested since it began in 2009….

Mayar Fund Receives 5-Star Rating from Morningstar

Tuesday, November 27, 2017 LONDON, UNITED KINGDOM. Mayar Capital Management Ltd is pleased to announce that its flagship product, Mayar Fund (Bloomberg: MAYARFD KY), has received Morningstar’s highest rating, 5-stars, for the overall period of returns as of October 31, 2017. The rating is based on risk-adjusted returns. READ MORE…  

Is the stock market too expensive right now?

  Most of what has been written recently on the subject has been centered around the valuation of the US stock market because it appears—at first blush—to be the most expensive relative to both its own history and other international markets. Before sharing my opinion on the subject, let me try to summarize the different…

What will you do [when] the market goes down 20% in [insert timeframe]?

I’ve often written to you saying that predicting the market’s level a quarter or year from now is impossible, but that doesn’t mean that we cannot make some predictions about its course of action over longer periods. Over the past 100 years or so, the S&P500 declined by more than 10% (a “correction”) roughly once…

Only The Paranoid Survive

I was thinking about this year’s annual letter while on a visit to Dubrovnik last week. While other visitors were mostly interested in the details of where the show The Game of Thrones was shot, I was more fascinated by the city’s paranoia over the centuries and its relentless obsession about protecting itself from invasion…