stocks

This Time It’s Different?

It is often said that the invention of steam engine in the 18th century was one of the world’s greatest inventions in the past one thousand years. The printing press, electric lightbulb, vaccination, and computer are also among the top of the list. These inventions are considered great not solely due to their direct usageContinueContinue reading “This Time It’s Different?”

Can the Stock Market Handle Fed Tightening and Slowing Growth?

Download PDF: 202204_testing_timeDownload Three fundamental events have shaped the first quarter of 2022: Russian invasion of Ukraine, Federal Reserve’s hawkish monetary policy guidance and delivery of its first policy rate hike since the pandemic began, and greater reflationary efforts by Chinese authorities to stimulate growth. All these happened on the backdrop of a strong U.S.ContinueContinue reading “Can the Stock Market Handle Fed Tightening and Slowing Growth?”

EM Strategy and Dissecting EM Stocks Performance

Download PDF: em-strategy-and-dissecting-em-stocks-performance_pcDownload Potential peak in U.S. Treasury yield and copper/gold ratio, and gangbuster data coming from China, U.S., and Europe point to the passing of maximum growth momentum in post-pandemic recovery. Despite the pandemic still raging in parts of the world, especially in EM countries, strong recovery in China and the developed world meanContinueContinue reading “EM Strategy and Dissecting EM Stocks Performance”

World Earnings and Valuation, Silver, EM Inflation

Download PDF: monthly_202105-1Download monthly_202105Download Developed World: Earnings and Valuation Outlook Earnings for most sector has recovered to pre-pandemic level, with health care and IT sector posting strong earnings in Q1. Growth expectations for both sectors, and materials, are strong and valuation is not demanding for the later. We believe that we are entering a structuralContinueContinue reading “World Earnings and Valuation, Silver, EM Inflation”

Structural Tailwinds for EM Sovereign Bonds and EM Stocks Uneven Recovery

Download PDF: monthly_202009Download Structural Tailwinds for EM Sovereign Bonds EM sovereigns are currently the only high-yielding asset class in the fixed income space, at a rate slightly above 4% – much above U.S. corporate and Treasury yield. This year crisis and massive QE program conducted by the Fed have brought U.S. Treasury yields close toContinueContinue reading “Structural Tailwinds for EM Sovereign Bonds and EM Stocks Uneven Recovery”