Our strategy last quarter to allocate small portion for equity paid off handsomely. Since we first launched our asset allocation model in October 2018, our model portfolio returned by 1.8% while our benchmark, MSCI ACWI, lost 6.0%. This month, the model recommends increasing the defensiveness of the portfolio by allocating 100% to bonds, a safe-havenContinueContinue reading “Putamen Capital: January 2019 Update”
Author Archives: Journeyman
December 2018: Outlook, Update On Asset Allocation Model and Sector Valuation Overview
Thesis Review, US Treasury and Emerging Markets Prior to discussing our model update and 2019 sector outlook, we want to review our investment thesis from last month (Nov 24th), which has been panning out nicely. In the post we wrote: “In the anticipation of Fed backing-off from rising rates further in 2019, we do believeContinueContinue reading “December 2018: Outlook, Update On Asset Allocation Model and Sector Valuation Overview”
Assessment Of The Current Cycle: Asset Class Selection for Portfolio Construction
Figure 1. World Efficient Frontier (1988 – Nov 1988, except for few asset classes) A teacher of mine once said to me that in order to gain anything in life, investing included, we need to take risk. The amount of risk we are willing and able to face determines the expected gain or progress thatContinueContinue reading “Assessment Of The Current Cycle: Asset Class Selection for Portfolio Construction”
World Equity Valuation, Profitability, and Solvency Ranking
This year proved to be a volatile one, starting with the volatility jump in February, which led to emerging markets turmoil. Argentina and Turkey have suffered from increasing inflationary pressure that was exacerbated by the plunging currency, and other emerging market countries have suffered too, albeit at a lower intensity. Chinese A-share has been beatenContinueContinue reading “World Equity Valuation, Profitability, and Solvency Ranking”
Equity Market Correction: Historical Performance of S&P500 Following Greater Than 3% Weekly Loss
Read the article in PDF (with tables): Risk Management Report on February Market Correction February 6th, 2018 Findings: 2 consecutive weekly losses greater than 3% is rare (1% of the time) and 3 consecutive losses is even more scarce (0.2% of the time) The 3 consecutive losses greater than 3% were always happening during recessionary periodContinueContinue reading “Equity Market Correction: Historical Performance of S&P500 Following Greater Than 3% Weekly Loss”
Equity Research Report: Telekomunikasi Indonesia 3Q17
Read better with the PDF file: TKM Report Telkom Indonesia: Cheap Valuation Despite Strong Performance Recommendation: BUY Target Price : Rp 5.580 Closing Price : Rp 4440 Upside (Downside) Potential : +25.8% Company Profile PT Telekomunikasi Indonesia Tbk offers telecommunications and network services. The Company’s segments include Corporate, Home, Personal and Others. TheContinueContinue reading “Equity Research Report: Telekomunikasi Indonesia 3Q17”
Relationship Between US Economic Indicator and Its Impact on Gold Price
Download the PDF Files with Graph: US Economic Indicator and its impact on Gold Price Saturday, December 29th 2017 This article is written to enhance the understanding of relationships between US monthly economic data and as a groundwork for my currency trade. The main goal is to find if difference in timing of the economic dataContinueContinue reading “Relationship Between US Economic Indicator and Its Impact on Gold Price”
Equity Research Report: Metrodata Electronics 3Q17
Download the Report in PDF: MTDL Report METRODATA ELECTRONICS Tbk: Valuation MTDL.IJ (Indonesian Equity) Recommendation: BUY Target Price : Rp 930 Closing Price : Rp 595 Upside (Downside) Potential : 57.0% Company Profile PT Metrodata Electronics Tbk is an Indonesia-based information technology company. It is engaged in the provision of IT productsContinueContinue reading “Equity Research Report: Metrodata Electronics 3Q17”
Equity Research Report: Emergent Biosolutions 3Q17
Download the Report in PDF: EBS Report Download the Valuation in Excel: Emerging Biosolutions Valuation Emergent Biosolutions Inc.: 3Q17 Recommendation: BUY Target Price : $49.86 Closing Price : $40.86 Upside (Downside) Potential : 22.0% Company Profile Emergent BioSolutions Inc. develops, manufactures, and commercializes immunobiotics such as vaccines and immune globulins that assist the body’s immuneContinueContinue reading “Equity Research Report: Emergent Biosolutions 3Q17”
Equity Research Report: Addus HomeCare 3Q17
Download the Report in PDF: ADUS Report Download the Excel Model: ADUS Valuation Addus HomeCare Corp: Maintaining Growth Momentum Recommendation: OUTPERFORM Target Price : $37.78 Closing Price : $32.55 Upside (Downside) Potential : +16.1% Company Profile Addus HomeCare Corporation provides a broad range of social and medical services in the home. The company’sContinueContinue reading “Equity Research Report: Addus HomeCare 3Q17”
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