Download PDF: Monthly_202005_Betting On the Underdog Reflection on the Past Decade The financial market is characterized by the ebb and flow “leader” and “laggard” over time. The last decade was marked by the strong dollar cycle and boom in fast-growing technology stocks. In hindsight, the weak post-crisis growth outside U.S. and Fed’s tighter monetary policyContinueContinue reading “Emerging Market Equities: Betting on the Underdog”
Category Archives: Investment Management
Monthly April 2020: Peak COVID-19, Counting the Cost of the Lockdown, and Equity Screaming Buy!
Download PDF: Monthly_202004 With the COVID-19 already spreading globally for over two months now and stock market seems to have bottomed, investors are right to ask whether we are at the peak of COVID-19 infection rate. In this article, we discuss where we are in the COVID-19 crisis cycle, the implication on countries’ banking systemContinueContinue reading “Monthly April 2020: Peak COVID-19, Counting the Cost of the Lockdown, and Equity Screaming Buy!”
Monthly March 2020: COVID-19 and The Bait and Switch in Global Equity
Downlaod PDF: Monthly_202003 Blame it on the COVID-19 Global bond investors have largely benefitted from the COVID-19 scare this year amid plunging global yields led by the U.S. Treasury. The budding signs of reflation beginning late last year have largely dissipated and investors have been running to safe haven assets, with gold price increasing almostContinueContinue reading “Monthly March 2020: COVID-19 and The Bait and Switch in Global Equity”
The Parallel Case of Medicine and Economics: Reflection of a Medical Graduate Working in the Finance Industry
Coming from a medical background and working as a financial strategist for the past two years, I have always been astounded by how similar both subjects are on a grand scale. The world, it seems, are a perfect analog of our fragile human body. But instead of analyzing what is right and wrong with humanContinueContinue reading “The Parallel Case of Medicine and Economics: Reflection of a Medical Graduate Working in the Finance Industry”
February 2020: In-Depth Analysis of EM Equities Performance, Valuation and Sector Comparison
Download PDF: Monthly_202002 Part I: EM Equity Performance in the Past Decade In the past decade, investing in Emerging Markets equity has not been particularly rewarding for most investors. Much of it could be blamed to the weakness of EM currencies against the greenback, rather than lackluster earnings growth in EM countries. All EM economies,ContinueContinue reading “February 2020: In-Depth Analysis of EM Equities Performance, Valuation and Sector Comparison”
Emerging Markets in The Next Decade
Download PDF: Monthly_202001 In this first publication for 2020, we are outlining our bullish view on selected EM countries which will likely benefit as investors diversify from U.S. equities. It has been pretty much a consensus by now that risk assets will likely to do well this year, with some strategists betting on the value/growthContinueContinue reading “Emerging Markets in The Next Decade”
Checking the Pulse on Global Economy: Strategy for 2020
Download PDF: monthly_201912 Risk aversion has come down of late, as highlighted by the rebound in real yield from a deep negative level in G7 economies ex-Italy. The improving global outlook despite apparent weakness in credit Chinese data, however, is concerning. The less forceful and diminishing stimulus administered by the Chinese government in the lastContinueContinue reading “Checking the Pulse on Global Economy: Strategy for 2020”
Musings on Commodity Prices, Inflation Turnaround and Cycle Turning Point
Download PDF: Monthly_201911 The structural backdrop of excess global savings, lackluster global consumption and investment demand and deleveraging cycle have all push bond yields lower. Meanwhile, the slack in manufacturing activity since 2014, magnified by the trade war, has push commodity prices in real terms to a level equal to those in 2001. Subjectively, itContinueContinue reading “Musings on Commodity Prices, Inflation Turnaround and Cycle Turning Point”
October 2019: 1st Anniversary of Putamen Capital
Download PDF: Monthly_201910 Risk and Return This month marks the 1st anniversary of Putamen Capital, with Putamen Growth Fund (PGF), our sole and flagship fund, recorded 34.15% return between October 24th, 2018 and September 30th, 2019. Since the inception, we have been exploring various type of equity, option and volatility strategy across developed and emergingContinueContinue reading “October 2019: 1st Anniversary of Putamen Capital”
September 2019 – Big Picture Stuff: Inequality, Negative Yields and Inflation
Download PDF: Monthly_201909_The Effects of Money Printing by Central Bank Globally Why has inflation stay benign despite massive quantitative easing by most developed countries central bank? Negative Yields and Inequality It is natural that if something is not sustainable, it will stop. That is my general thoughts in the past few years after reading ThomasContinueContinue reading “September 2019 – Big Picture Stuff: Inequality, Negative Yields and Inflation”
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