The end of June was a volatile time for investors with Greek insolvency and a feared departure from the European Union, coupled with China’s free-falling market, causing considerable uncertainty. With that in mind, our signature large-cap value strategy, QVP, saw a -3.58% return for the month, slightly behind the S&P 500. At KAM we have called for a pull-back this summer in the market and we have been vindicated in that regard with the S&P 500 peaking back in May with two uns

The end of June was marked by Greece defaulting on its debt which had significant ramifications upon the global market. Greece has the dubious honor of becoming the first developed economy to default on debt to the International Monetary Fund. Greece’s primary stock index, the Athens General-Composite (ATG), has been frozen since end of trading on June 26th, and with the country’s default and national referendum rejecting further austerity measures, the possibility of a Greek