Download PDF: South Africa Research South Africa could easily pass as a country that combine various Emerging Markets sins: rampant corruption, mismanagement of government assets and low productivity. Unless a clear economic and political reform is done, it is likely that the country will slowly drift deeper into the abyss. From a political point ofContinueContinue reading “South Africa: Country Overview”
Tag Archives: investment
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”
Indonesia: Country Overview
Download PDF: Indonesia Research Two decades after the Asian Financial Crisis that created a havoc in Indonesian economy and politics, Indonesian role in global trade has been stagnating… … and is still very much influenced by the fluctuation in commodity prices, although at a lesser extent. Relative to other Emerging Market countries, Indonesia’s integration toContinueContinue reading “Indonesia: Country Overview”
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”
Mexico: Reaching Cyclical Bottom
Download PDF: Mexico_Reaching_Cyclical_Bottom It is likely that Mexican economic condition will improve going forward. Various indicators are at level comparable to those in 2013 and 2016 downturn and monetary stimulus is currently on progress. The easing stance of global monetary policy and reflationary effort in China are further likely to ease domestic condition and benefitContinueContinue reading “Mexico: Reaching Cyclical Bottom”
The Sweet Spot for Emerging Market Bonds
Downlaod PDF: Emerging Market Bonds High-yielding EM government and corporate bonds are likely to perform well in negative yields environment as investors search for yield. Although debt level has been rising, interest cost has been declining. Profit growth has also been outpacing the increase in interest cost, which does not translate the increase in debtContinueContinue reading “The Sweet Spot for Emerging Market Bonds”
Russia: Country Overview
Download PDF: Russia Research 2019 The Linkage between Oil Price and The Russian Economy There is little sign that Russian economy is diversifying from energy production and exports in the last 20 years. The direct link and trickle-down effect of higher/lower oil prices to the economy result in an economy that is highly correlated withContinueContinue reading “Russia: Country Overview”
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”
Quotes from Hedge Fund Market Wizard
Recently I finished reading a great book by Jack D. Schwager titled “Hedge Fund Market Wizard”. As a note to myself and traders interested to improve their system, here are some quotes that I found to be interesting. Set stop loss level that would prove the hypothesis is wrong and then limit the positionContinueContinue reading “Quotes from Hedge Fund Market Wizard”
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