Research & Insights

Our investment decisions flow from incisive perspectives.

Q2 2014 Overview

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

The quarter began with a brief retreat as sellers focused on the turmoil in Ukraine and concerns over market valuations. In the downdrafts, biotech and momentum stocks were particularly shunned. However, by the end of May, M&A… Read Full Post

Bivium White Paper | June 2014

High Frequency Trading: Meditations on the Controversy

Zenas Huang, Analyst at Bivium Capital
Joanna Horton, Global Trading Director at CAPIS

Ever since the genesis of algorithmic trading strategies in the late ’90s, advocated have preached the immense efficiency gains from HFT… Read Full Post

May 2014

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

While the first half of May continued the choppiness seen over the last several months, M&A sparked a rally in the latter part of the month with mega cap stocks leading the way to record index highs.… Read Full Post

Emerging Manager Spotlight | April 2014

Would Russia Risk its Golden Goose?

Eric P. Leve, CFA, EVP & CIO, Bailard Institutional

Each month we focus our research spotlight on thought leadership from one of the leading investment managers in our program. While the topical subject and… Read Full Post

April 2014

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

April marked the second consecutive month in which the markets struggled for direction. Buyers were buoyed by the Fed’s continuing accommodation and dovish tone regarding future interest-rate policy. Sellers focused on the turmoil in Ukraine and concerns… Read Full Post

Emerging Manager Spotlight | March 2014

The Fear Pendulum: From the End of the World to Market Melt-up

Jeffrey Bronchick, CIO, Cove Street Capital in Los Angeles

Each month we focus our research spotlight on thought leadership from one of the leading investment managers in our… Read Full Post

March 2014

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

Following the dramatic run-up in most equity markets in 2013, the directionless nature of trading early on was to be expected. Macro weakness in China and some earnings disappointments triggered a sharp sell-off in the markets at the… Read Full Post

February 2014

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

Following the sharp sell-off in the markets at the end of January, investor sentiment continued to be mixed. Valuations were fair to full. but expectations for better economic growth buoyed the optimistic. The first estimate of Q4… Read Full Post

Anticipating Tomorrow’s Markets: Macroeconomic and Policy Implications | October 2013

Jonathan Neuberger, principal, Economists, Inc.

Speaker Presentation from Bivium Capital Investor Summit, October 2, 2013
Global Trends Shaping the 21st Century

In his PowerPoint presentation, Mr. Neuberger—a financial economics consultant and  former economist for the Federal Reserve Bank of San Francisco—highlights… Read Full Post

2013 Year in Review

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

If 2012 could be described as “exceptional,” 2013 was truly “astounding.” However unlike the previous year, regional and asset class differences were stark. US equities as represented by the Russell 3000 Index finished with a… Read Full Post