Research & Insights
Our investment decisions flow from incisive perspectives.
Category: Market Commentary
August 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
July 2015
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
June 2015
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
May 2015
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
April 2015
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
March 2015
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
The year started with alternating periods of rally and reversal as the markets struggled for direction. Strong returns in the prior quarter left valuations at less attractive levels and mixed economic data left plenty of ammo for… Read Full Post
February 2015
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
Following the choppiness seen in January, February turned out to be an exceptionally strong month for most equity markets. Although US GDP growth for Q4 2014 fell short of expectations, growth for the overall year was still… Read Full Post
January 2015
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
January saw alternating periods of rally and reversal as the markets struggled for direction. Strong returns in the prior quarter left valuations at less attractive levels and mixed economic data left plenty of ammo for both bulls… Read Full Post
December 2014
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
Starting the quarter, October looked like a perfectly reasonable recovery from the declines of the prior month. However, end-point results masked significant intra-month volatility as the markets swung from bearishness to bullishness in the blink of an… Read Full Post
November 2014
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
November saw a consolidation of the market rally which began in mid-October. Market volatility continued to decline, and most days saw steady if unspectacular gains. The price of oil accelerated its collapse towards $60/barrel, a level last… Read Full Post
August 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
July 2015
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
June 2015
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
May 2015
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
April 2015
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
March 2015
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
The year started with alternating periods of rally and reversal as the markets struggled for direction. Strong returns in the prior quarter left valuations at less attractive levels and mixed economic data left plenty of ammo for… Read Full Post
February 2015
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
Following the choppiness seen in January, February turned out to be an exceptionally strong month for most equity markets. Although US GDP growth for Q4 2014 fell short of expectations, growth for the overall year was still… Read Full Post
January 2015
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
January saw alternating periods of rally and reversal as the markets struggled for direction. Strong returns in the prior quarter left valuations at less attractive levels and mixed economic data left plenty of ammo for both bulls… Read Full Post
December 2014
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
Starting the quarter, October looked like a perfectly reasonable recovery from the declines of the prior month. However, end-point results masked significant intra-month volatility as the markets swung from bearishness to bullishness in the blink of an… Read Full Post
November 2014
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
November saw a consolidation of the market rally which began in mid-October. Market volatility continued to decline, and most days saw steady if unspectacular gains. The price of oil accelerated its collapse towards $60/barrel, a level last… Read Full Post
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