Martin Capital Management Annual Report

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Martin Capital Management Annual Report

“In recent years, holding cash is so completely out of favor that it has become the ultimate contrarian investment.” —Seth Klarman

“There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.” —Charles Kindleberger

“It’s as if people used the invention of seatbelts as an opportunity to take up drunk driving. Psychologists call this ‘risk compensation.’ The entire point of the CDS was to create a margin of safety that would let banks take more risks. As with safety belts and dangerous drivers, innocent bystanders were among the casualties.” —Tim Harford

Bonhoeffer Fund July 2022 Performance Update

Screenshot 27Bonhoeffer Fund's performance update for the month ended July 31, 2022. Q2 2022 hedge fund letters, conferences and more The Bonhoeffer Fund returned 3.5% net of fees in July, for a year-to-date return of -15.8%.   Bonhoeffer Fund, LP, is a value-oriented private investment partnership for . . . SORRY! This content is exclusively for Read More

 “… With notably rare exceptions, Germany remained largely at peace with its neighbors during the 20th century … With notably rare exceptions, Alan Greenspan has been right about everything … With notably rare exceptions, Russian roulette is a fun, safe game for all the family to play.” —Comments on Crooked Timber blog

2013

ANNUAL REPORT

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For further information, contact Gary Sieber at (574) 293-2077(574) 293-2077 or via email at gary@mcmadvisors.com

MARTIN CAPITAL MANAGEMENT, LLC

2013 ANNUAL REPORT

TABLE OF CONTENTS

Total Account Composite Performance……………………………………………………… 2 S&P 500