Investment Insights and Thought Leadership

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist, Bivium Capital

The first half of 2015 largely continued the choppiness of the prior year as many markets remained somewhat rangebound. Markets were fairly narrow with a handful of larger cap, growth-oriented names with the so- called… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

At the start of the quarter, although there were few meaningfully positive developments in the markets, the lack of “bad” news was enough to give buyers confidence that the recent sharp declines in the market were overdone.… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

By the time the calendar rolled into November, the momentum from the market rally of the prior month was already tapering off. Economic data from China continued to be mixed, and the arrest or disappearance of several… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

Although there were few meaningfully positive developments in the markets, the lack of “bad” news was enough to give buyers confidence that the recent sharp declines in the market were overdone. The completion of negotiations on the… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

The main event for the month was the surprise devaluation of the Chinese Yuan which catalyzed a dramatic decline in global equity markets. While the magnitude of the devaluation itself was modest (~5%), the impacts were substantial… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

The main event for the month was the surprise devaluation of the Chinese Yuan which catalyzed a dramatic decline in global equity markets. While the magnitude of the devaluation itself was modest (~5%), the impacts were substantial… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

The month started inauspiciously enough with news of Greece’s default on a payment due to the IMF and the subsequent rejection of bailout terms by Greek voters in a snap referendum. While somewhat expected, the actual events… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

Early in the quarter, the absence of any significant macro news saw the performance of markets appear to reflect relative assessments over absolute fundamentals. Of note was the continuation of the recovery in the price of oil… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

Despite the S&P 500 Index reaching a record high mid-month, the markets were otherwise somewhat range-bound in May as most periods of rally or decline were met with quick reversals. With valuations for many asset classes at… Read Full Post

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist

In the absence of any significant macro news, the performance of markets appeared to reflect relative assessments over absolute fundamentals.  While March had seen more sustained shifts in market direction, most of the moves in April were… Read Full Post