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 ( 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:

A glimpse behind the screen door at Camp Kotok

Camp Kotok 2022: Interviews, Panels, & More
 Posted: Thu August 11, 2022

Thank you for visiting the Cumberland Advisors "Camp Kotok" page.




Follow this link to go directly to our collection of video interviews, panels, and more: Camp Kotok on YouTube or

Also, check out the Global Interdependence Center's Camp Kotok page:

As of August 11th, 2022. we plan to…

MiB: Perth Tolle, Life + Liberty Indexes
 Posted: Thu July 7, 2022

Camp Kotok

Hit the play button or read the transcript over at the website to enjoy conversation between Perth Tolle and Barry Ritholtz. A snippet is include below that mentions Camp Kotok. Enjoy!




RITHOLTZ: Camp Kotok.

TOLLE: In Camp Kotok is because I was on a panel with David Kotok,…

Perth Tolle, Investing In Freedom, & Camp Kotok
 Posted: Tue May 31, 2022

Camp Kotok August 2017 - Perth Tolle

Camp Kotok Alumni News - Excerpted below, Perth Tolle was featured in the June/July 2022 issue of Forbes Magazine...

Beat The Market By Investing In Freedom – And Shunning Places Like Russia And China


Tolle originally intended to go to law school, but after her year in Hong Kong she began working as a financial advisor for Fidelity, first in Los Angeles and then in Houston. She had clients from Russia, Iran and Saudi Arabia who told her they wanted to avoid investing in…

Camp Kotok 2021 – COVID Panel Discussion
 Posted: Fri October 29, 2021

Camp Kotok 2021 – COVID Panel Discussion

Camp Kotok 2021 – COVID Panel Discussion Video & Transcript

At the first session of Camp Kotok held during August of 2021, we had a COVID (COVID-19) Panel Discussion that included how the Delta variant differs from the original Alpha strain of COVID-19, how it binds to cells and replicates itself, what we know, what we may never know, and how the CDC Foundation is filling a critical function of public-private partnerships and philanthropy to improve the state of our public health system…

Camp Kotok: Maine Woods, Economists & Wine
 Posted: Sun August 9, 2020

Camp Kotok: Maine Woods, Economists & Wine

August 6, 2020 8:30am by Barry Ritholtz

Talking Rates in the Maine Woods With Economists Over Good Wine "Taking place right before the Jackson Hole Economic Symposium, the gathering is a chance for money managers, traders, and economists to discuss crucial issues without restraint." Bloomberg Businessweek, August 27, 2019

Barry Ritholtz Note: This is the week I would normally be in Maine for Camp Kotok. Due to the pandemic…

John Mousseau on Risk in the Fixed Income Market (Podcast)
 Posted: Sun April 12, 2020

John Mousseau on Risk in the Fixed Income Market (Podcast)

Bloomberg Masters in Business Podcast – April 11, 2020

Bloomberg Opinion columnist Barry Ritholtz speaks with John R. Mousseau, who is president, chief executive officer and director of fixed income at Cumberland Advisors. Mousseau is also co-author of the book “Adventures in Muniland: A Guide to Municipal Bond Investing in the Post-Crisis Era.”

Running time 40:28



Listen via the…

Central Banks, Capital Markets, Debt/Deflation, Real Income Growth, Interest Rates & Housing
 Posted: Sat September 14, 2019

Camp Kotok Montage

We wrapped up our Labor Day Camp Kotok with a round of excellent on-the-record discussions that we're happy to share with you here.

David Kotok and Charles Plosser at Camp Kotok: The Challenges Facing Central Banks David Kotok and Christopher Whalen at Camp Kotok: Capital Markets, Debt and Deflation David Kotok and Doug Duncan at Camp Kotok: Real Income Growth, Interest Rates and Housing

See more interviews and content at Cumberland Advisors' YouTube Channel: https…

China Panel at Camp Kotok
 Posted: Mon September 9, 2019

The 50-person gathering at Leen’s Lodge encompassed diverse political views, financial and economic specialties, and asset class focused from cannabis to currency trading, real estate to debt of all types, stock markets and ETFs, derivatives and futures, and more. Over $1 trillion in managed assets were represented as we gathered for each informal meal. No lectern, no PowerPoint. The China Panel is public and in the public domain. The press and public are free to use the video footage and…

Camp Kotok, Barry Ritholtz, and the "Shadow Fed"
 Posted: Fri August 30, 2019

“Camp Kotok,” is a gathering of prominent economists, wealth managers, traders, heads of research, pundits, financial luminaries and a few journalists that meet each year in a remote part of Maine. Held for a long weekend in the summer, we fish and engage in vigorous debates running the gamut from market valuations and the rise of exchange-traded funds to Federal Reserve policy, virtual currencies, and health care.

This unique opportunity to network and converse under Chatham…

Katie Darden and Camp Kotok
 Posted: Thu August 22, 2019

Katie Darden, Financial Institutions Research Director at S&P Global Market Intelligence, joined us at Camp Kotok and then published this excellent summary of our discussions: “At Camp Kotok, fears over China and 'magic money tree' overshadow Fed policy,” .

Then Katie joined her bank analyst colleague Nathan Stovall, who authors StreetTalk, a monthly column and blog…


“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