Research & Insights
Our investment decisions flow from incisive perspectives.
Category: Market Commentary
June 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
At the start of the quarter, there were a number of macro events for investors to assess (e.g. the Panama Papers leak, an impeachment in Brazil, possible Brexit, energy company bankruptcies), but overall volatility was fairly low.… Read Full Post
May 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
In a period of limited major macro news, investors fixated mostly on the likelihood of a Fed rate increase in the coming months. Economic data was generally weak as Japan and China both struggled to reposition towards… Read Full Post
April 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
While there were a number of macro events for investors to assess (e.g. the Panama Papers leak, an impeachment in Brazil, Brexit, energy company bankruptcies), overall volatility was fairly low. In the US, some industrial indicators were… Read Full Post
March 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
The momentum from the strong rally in October had already begun to weaken in December, but the decline in markets that started the year was truly breathtaking. By the third week in January, major market indexes were… Read Full Post
February 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
Despite a modest recovery at the end of January, markets began the month of February with renewed discomfort. Economic data out of China continued to be weak, and oil prices fell back below $30/barrel. Earnings at financial… Read Full Post
January 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
The momentum from the strong rally in October had already begun to weaken in December, but the decline in markets that started the year was truly breathtaking. By the third week in January, major market indexes were… Read Full Post
December 2015
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
November 2015
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
October 2015
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
September 2015
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
June 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
At the start of the quarter, there were a number of macro events for investors to assess (e.g. the Panama Papers leak, an impeachment in Brazil, possible Brexit, energy company bankruptcies), but overall volatility was fairly low.… Read Full Post
May 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
In a period of limited major macro news, investors fixated mostly on the likelihood of a Fed rate increase in the coming months. Economic data was generally weak as Japan and China both struggled to reposition towards… Read Full Post
April 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
While there were a number of macro events for investors to assess (e.g. the Panama Papers leak, an impeachment in Brazil, Brexit, energy company bankruptcies), overall volatility was fairly low. In the US, some industrial indicators were… Read Full Post
March 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
The momentum from the strong rally in October had already begun to weaken in December, but the decline in markets that started the year was truly breathtaking. By the third week in January, major market indexes were… Read Full Post
February 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
Despite a modest recovery at the end of January, markets began the month of February with renewed discomfort. Economic data out of China continued to be weak, and oil prices fell back below $30/barrel. Earnings at financial… Read Full Post
January 2016
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
The momentum from the strong rally in October had already begun to weaken in December, but the decline in markets that started the year was truly breathtaking. By the third week in January, major market indexes were… Read Full Post
December 2015
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
November 2015
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
October 2015
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
September 2015
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
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