DM Monthly Report – April 2024

WILL THE MARKET’S CONCENTRATION BE ITS UNDOING?
Though virtually all of our equity analysis occurs at the company level, it’s been hard to ignore the recent warnings about market structure, and in particular the dominance of the Magnificent 7 group of mega-cap stocks in the S&P 500.

FEATURE STOCK – Ametek Inc. (AME)

In February, we initiated a new position in AME and subsequently added to the holding in mid-March. AME is a leading global manufacturer of niche components, analytical instruments, and precision automation devices for use in aerospace, power, defense, and other industrial segments.

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DM Portfolio Commentary – Q1 2024

Where were you four years ago? Just kidding, we know where you were. If you weren’t pacing empty aisles in search of a forgotten bundle of toilet paper, or trying your hand at cutting hair, or making calls to get out of the summer vacation you’d booked the month before, you were undoubtedly sitting at home like everyone else. Regardless, you were living a life that you couldn’t have envisioned just weeks earlier, with little sense of how or when thing would get back to how they’re supposed to be.

The covid-19 outbreak also threw financial markets into a state of disarray, just like the subprime crisis had done barely a decade earlier, with stocks falling sharply against a relentless stream of disconcerting news. Equipped with lessons from the last financial calamity, however, policy makers acted with unmatched swiftness and force to dampen the effects of the pandemic, and soon we found ourselves living in an odd, suspended economic reality.

Click here to read more:  DM Portfolio Commentary – Q1 2024