Camp Kotok

Camp Kotok  (“CK”) is an “by invitation” event initially developed and implemented by David R. Kotok and now in conjunction with Cumberland Advisors and the Global Interdependence Center for prominent economists, wealth managers, traders, heads of research, pundits, financial luminaries, and often a few journalists, authors, and individuals associated either directly with Cumberland Advisors or with the financial industry.

Fishing, wine, and conversation are the hallmarks of this annual event held at Leen’s Lodge in Grand Lake Stream, Maine, one of the state’s most remote venues (www.leenslodge.com). In recent years, craft beer has also made a prominent appearance, many brewed locally in Maine further making a positive economic impact on the area's communities.

Here, attendees spend a long August weekend fishing on some of the most pristine lakes in the country; a place to breathe deeply, feel the earth, and replenish the mind with intellectual and stimulating conversation. Vigorous debates are regular and run the gamut from market valuations and the rise of exchange-traded funds to Federal Reserve policy, virtual currencies, and health care. It’s easy to see why some even in the financial press refer to Camp Kotok as the “Shadow Fed.”

Attendees are bound to “Chatham House Rules” (participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed). General thoughts, ideas, forecasts and comments, however, can and are discussed and published outside of CK with implicit permission. Cumberland Advisors has published a series of videos and written interviews with campers desiring to go on the record.

This annual gathering broadened in 2002, after David Kotok invited several other September 11, 2001 “survivors” to spend the weekend reflecting on the one-year anniversary of the attacks. Many of the original Camp Kotok attendees had escaped from the World Trade Center and surrounding buildings, and lost friends on that fateful day. Those who attended that year decided to go back the following year… and so on. 

Now, these weekends in Maine have become a staple for those “in the know” in the financial industry. Please see Sharon Prizant's thoughts on "What is Camp Kotok???" here where she brings her observations through many years of attendance into a thoughtful synopsis: https://www.cumber.com/camp-kotok/what-camp-kotok

A glimpse behind the screen door at Camp Kotok

Shadow Fed is Glum on Stock Market
 Posted: Wed August 16, 2017



Asjylyn Loder, reporter for the Wall Street Journal, writes about Camp Kotok in the following article.

The economic predictions from the annual gathering known as Camp Kotok resemble two smart people trying to steer a canoe: lots of zigging and zagging to get back to the same place.

Every year, David Kotok, chief executive of Sarasota, Fla.-based Cumberland Advisors, invites about 50 economists, money managers, former central bankers and others to a fishing camp at the northern…


What I Learned at (Economics) Summer Camp
 Posted: Wed August 16, 2017



John Mauldin of Mauldin Economics shares some musings about his time and participation at Camp Kotok. His full account at the URL below.

Camp Kotok is an invitation-only gathering of economists, market analysts, fund managers, and a few journalists. It takes place at the historic Leen’s Lodge in Grand Lake Stream, Maine. We fish, talk, eat, drink, and talk some more. It’s a three-day economic thought-fest (and more rich food and wine than is good for me or anyone else at the camp).…


The global view from Camp Kotok
 Posted: Tue August 15, 2017



This is the first article by Katie Darden in a two-part series about Camp Kotok, a yearly gathering of economists and financial professionals organized by Cumberland Advisors Chairman and Chief Investment Officer David Kotok. Click here to read the second part.

Camp Kotok's horizons extend far beyond the woods of Maine and the borders of the United States, but achieving a truly international perspective remains a challenge.

Every summer, David Kotok invites economists, money…


Here's Why Top Money Managers Always Return to Camp Kotok
 Posted: Tue August 15, 2017



Below are John Mauldin's kind words about Camp Kotok.

When David Kotok first approached me about coming to “Camp Kotok,” I was somewhat skeptical. I don’t really fish much and Grand Lake Stream is one of the few places in the US that you just can’t get to in one day.

It takes two flights plus a long drive to get there, and once you arrive, you’re off the grid in terms of internet and cell connectivity. So why do some of the world’s eminent economists and asset managers take…


Behind The Markets Podcast: Martin Barnes & James Bianco
 Posted: Tue August 15, 2017



Jeremy Schwartz, CFA shares his pleasure and honor to be a part of the Camp Kotok weekend during his podcast from the radio show with Bianco and Barnes.

Listen here: https://soundcloud.com/user-20931378/behind-the-markets-podcast-martin-barnes-james-bianco


Japan's Nikkei CNBC & Key Take-Aways from Camp Kotok
 Posted: Tue August 15, 2017



Marshall Stocker's abbreviated 2:22 minute appearance (in sequential translation) on Japan's Nikkei CNBC speaking about key take-aways from Camp Kotok.

https://youtu.be/TQujKVwMAHs

 


Reviewing Camp Kotok Discussions
 Posted: Tue August 15, 2017



Jeremy Schwartz offers up his views and takeaways from Camp Kotok at this link below. We include this excerpt.

This year, one of the weekend’s events was a panel discussion on monetary policy moderated by Martin Barnes, chief economist at BCA Research. Participants on the panel included two Fed “insiders”—Danielle DiMartino Booth, former advisor to Dallas Fed President Richard Fisher, and Bob Eisenbeis, former research director at the Atlanta Fed—and two Fed observers—Jim Bianco of…


Camp Kotok less worried about economy than weak US leadership
 Posted: Tue August 15, 2017



This is the second article by  Katie Darden in a two-part series about Camp Kotok, a yearly gathering of economists and financial professionals organized by Cumberland Advisors Chairman and Chief Investment Officer David Kotok. Click here to read the first part.

There was plenty of pessimism at Camp Kotok this year about the direction of U.S. leadership both at home and abroad. But while the gathering's namesake sees ample cause for concern, he also sees some reasons for optimism.…


Disconnection Reflection
 Posted: Tue August 15, 2017



Yesterday, I flew home from five days in Maine that I spent with John Mauldin and other top economists and fund managers at the annual Camp Kotok economics/fishing retreat. The weather was beautiful; I even caught some delicious fish.

I’ll describe some of the fascinating late-night discussions in future letters. One reason why they were so fascinating is no doubt the peace and quiet at camp that encourages deep conversation. You see, the Camp Kotok venue, Leen’s Lodge, is in a…


Cumberland CIO David Kotok Says Inflation Tamed ‘for the Time Being’
 Posted: Wed August 9, 2017



David Kotok, Cumberland Advisors chairman and CIO, discusses inflation with Bloomberg's Betty Liu and Kathleen Hays on "Bloomberg Daybreak: Asia." (Source: Bloomberg)

View video here: https://www.bloomberg.com/news/videos/2017-08-07/kotok-inflation-tamed-for-the-time-being-video


 

“CNBC and others began calling Camp Kotok the “Shadow Fed” but it is really just a meeting of wickedly smart people focused on economics and markets.”

John Mauldin