Research & Insights

Our investment decisions flow from incisive perspectives.

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

Defining Operational Alpha | October 2014

James Ware, CFA, Founder at Focus Consulting Group, and Author of “High Performing Investment Teams” (Wiley 2006)

Speaker Presentation from Bivium Capital Investor Summit, October 16, 2014

In his PowerPoint presentation, Mr. Ware – highly acclaimed industry author and international… Read Full Post

October 2014

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

On the whole, 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

Risk and the Real World | September 2014

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

Fundamentally, risk can be seen as the probability of not meeting one’s expectations. In this context, risk may lead to positive or negative outcomes, but most focus is given to downside risks (a negative result… Read Full Post

September 2014

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

The month of July was thirty days of relative calm in the markets punctuated by a sharp selloff on the last day.  Economic data was generally positive, but deflation once again became a concern in Europe along… Read Full Post

Russia Sanctions Highlights | August 2014

Faith Musingarimi, Assistant Vice President at Bivium Capital

Sanctions on Russia stemming from its annexation of Crimea in March have evolved from initial restrictions on some high profile Russian individuals, to most recently, sanctions targeting key Russian industries as the Ukrainian crisis has continued to escalate.… Read Full Post

August 2014

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

Markets started the month of August modestly as Argentina’s default and the rescue of Portuguese bank Banco Espirito Santo raised investor anxiety.  Economic news was weak with the US unemployment rate edging up slightly and data disappointing… Read Full Post