Research & Insights
Our investment decisions flow from incisive perspectives.
Category: Market Commentary
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
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
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
July 2014
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
Thirty days of relative calm in the markets were punctuated by a sharp sell-off on the last day of the month. Economic data was generally positive with good manufacturing data coming out of the U.S. and China,… Read Full Post
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
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
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
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
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
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
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
July 2014
Kai W. Hong, CFA
Managing Director & Chief Investment Strategist
Thirty days of relative calm in the markets were punctuated by a sharp sell-off on the last day of the month. Economic data was generally positive with good manufacturing data coming out of the U.S. and China,… Read Full Post
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
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
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
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
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