Download PDF: Monthly_201906 Theme 1: Long Selected Undervalued Countries and Short U.S. Equities. This week U.S. PMI data shows a significant slowdown in the expansion of U.S. economy (manufacturing PMI 50.6 in May 2019 from 56 in the beginning of the year), raising the odds of undershoot of earnings forecast of U.S equities and theContinue reading “June 2019: Searching For The Tipping Point”
Tag Archives: 2019
Telkom Indonesia: The Nightmare is Over
Download PDF: TLKM_March2019 Continued Transformation to Data-based Revenue Rising Cost Hurts the Bottom Line Maintain Buy Rating with Target Price of Rp 4450/share Telkom’s 2018 annual report is likely to be disappointing, based on the recent trend in the sector and third quarter statement. After years enjoying high return and strong growth, the sector isContinue reading “Telkom Indonesia: The Nightmare is Over”
Putamen Capital: January 2019 Update
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-havenContinue reading “Putamen Capital: January 2019 Update”
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 thatContinue reading “Assessment Of The Current Cycle: Asset Class Selection for Portfolio Construction”
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