Download PDF: Last month, we outlined our outlook for the year ahead, where Chinese growth will continue to rebound strongly and global liquidity remain plenty. This month, we are taking six themes for the coming decade, with the focus on inflation, savings-investment dynamic, and transition to renewable energy. I hope you enjoy the read. ThemeContinue reading “Global Themes 2021-2030”
Tag Archives: copper
Mapping Global Post-COVID Recovery
Download PDF: This month’s monthly piece is a short note on three signposts to monitor the growth recovery, taking a bird-eye perspective on risk assets after three separate publications last week detailing our view on oil, precious metals, and select country outlook; links are provided at the end of the piece. First, we are revisitingContinue reading “Mapping Global Post-COVID Recovery”
Equity Signposts, Commodity Rebound and Chip Wars
Download PDF: 5 Signposts for Global Equity Recovery The decline in DXY of late has arguably help global equity grind higher amid easing financial condition. For long, we have been highlighting the widening valuation between U.S. equity and the rest of the world, which has gone much cheaper post-COVID19 correction. In-line with previous crisis experience,Continue reading “Equity Signposts, Commodity Rebound and Chip Wars”
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 lastContinue 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, itContinue reading “Musings on Commodity Prices, Inflation Turnaround and Cycle Turning Point”
The Tale of Two Countries: Chile and Russia
Download PDF: Chile and Russia Similarities Both Chilean and Russian economy are dependent on natural resources, with copper accounting for 48% of Chile’s exports and oil & gas accounting for 41% of Russian exports. Both countries have rank moderately across EM countries in terms of exports size relative to GDP and rank lowly in termsContinue reading “The Tale of Two Countries: Chile and Russia”
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 emergingContinue reading “October 2019: 1st Anniversary of Putamen Capital”
Chile: A Case of Investor’s Complacency?
Download PDF: Chile Research Chile has enjoyed a developed economy status over the years, but its growth profile is still hugely cyclical due to dependency on copper export. The country is suffering from twin deficit due to weakness in copper prices and the government’s fiscal condition is deteriorating, albeit at a still very healthy level.Continue reading “Chile: A Case of Investor’s Complacency?”
putamencapital.com 