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
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.…
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 remote…
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…
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 time…
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
Posted: Tue August 8, 2017
At Camp Kotok, an annual gathering hosted by David Kotok of Cumberland Advisors, 50 or so economists, wealth managers, traders, heads of research, pundits, and a few journalists flocked to Leen’s Lodge for a long weekend of fishing, shooting, and vigorous debate. Chatham House Rule was in effect, granting attendees anonymity. The talk, however, was free game and it ran the gamut from market valuations and the rise of exchange-traded funds to Federal Reserve policy and health care.
…
Posted: Mon August 7, 2017
If there was a single question that kept coming up, it was whether global asset markets were overvalued. “This bull market is tired,” was a common refrain. The counterarguments were many and vigorous. Barry Ritholtz of Ritholtz Wealth Management was quick to point out that measuring bull markets from the lowest-lows—March 2009—is essentially a mental error—by that measure, the 1980s bull market started in the 1970s.
Instead, measuring from the “higher highs,” the current bull market…
Posted: Sat August 5, 2017
August 4th, 2017 - The annual gathering of creative thinkers on economics, finance and policy known as Camp Kotok was held over the past five days at Leen’s Lodge in Grand Lake Stream, ME. This event always coincides with the release of the August employment report – and there is often a clustering of attendees ready to comment at the data’s release on Friday morning. This year not so much. The same old, same old expectations and results from previous employment reports has dimmed the usual…
Posted: Thu August 3, 2017
Tomorrow I head for the backwoods of Maine and Camp Kotok – always one of the high points of my year. Most of my readers know by now that Camp Kotok is the annual fishing trip cum economics gab-fest hosted by David Kotok of Cumberland Advisors. It’s an invitation-only event that has been compared to Jackson Hole and even Davos – except that here you get to catch your own lunch.
David hatched the idea after surviving the attack on the World Trade Center, where he was attending a…
Posted: Wed September 14, 2016
In the lower part of Montana, about 50 miles south of Bozeman and hidden in the hills beyond several miles of unpaved roads, perched upon a hilltop near the Gallatin National Forest, you’ll find Hubbard’s Yellowstone Lodge. An Orvis-endorsed and award-winning fishing lodge in the summer, a hunting lodge in the autumn and for the last week of August, a new venue for Camp Kotok: West. This western edition of the renowned four-day economic and fishing retreat…
“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
