Research & Insights

Our investment decisions flow from incisive perspectives.

Category: Market Commentary

Q3 2021

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

After almost a year and a half of a relentless march upwards, markets finally took a bit of a pause as inflation concerns and a glimpse at the beginning of the end of recent central bank accommodation… Read Full Post

Q2 2021

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

Just as the proponents of value and smaller cap stocks were preparing their “I told you so's, the market decided to shift back to where it had been for so long – led by US mega cap… Read Full Post

Q1 2021

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

+51%, +18%, +93%, +135%, -44%, +68%, -31%, -60%, +3%, -42%, +19%.  These were the daily returns in GameStop (GME) stock in a wild two weeks from January 22 to February 5 that saw Reddit, Robinhood, and Roaring… Read Full Post

Q4 2020

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

In an incredible end to an unforgettable year, markets rocketed upward for one of the strongest quarterly returns in history.  This was despite moderating macro conditions and a significant surge in the coronavirus pandemic.  More than 90… Read Full Post

Q3 2020

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

The market rally off the pandemic-induced lows of late March continued in full force early in the quarter as highly accommodative monetary policy and optimism around further fiscal stimulus gave investors the green light for buying.   While… Read Full Post

Q2 2020

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

What a difference a quarter makes!  Despite a rash of historically bad economic data points and the generally unabated spread of the COVID-19 virus, investors seized upon *any* indication that things were not *that* bad to… Read Full Post

Q1 2020

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

Coming into the new year, markets took a reasonable pause given the stellar returns of the prior year.  However as COVID-19 metastasized from a regional health crisis into a global pandemic, it precipitated a dramatic rise… Read Full Post

Q4 2019

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

With the US and China moving towards a slow-motion settlement (or more accurately, détente) of their trade conflict, investors were free to focus on the positives of ample liquidity, solid employment, muted inflation, and positive momentum… Read Full Post

Q3 2019

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

The month to month volatility seen in the second quarter continued in the third as competing narratives fought for investor mindshare.  On one hand, global growth showed more signs of a slow down with… Read Full Post

Q2 2019

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

In a seesaw market, much of the action was driven by investor perspectives on and news from trade disputes and central bank signaling.  Concerns over trade and a slowing macroeconomic growth outlook weighed on sentiment at… Read Full Post

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