Uncertainty Weighs on Equities (Again): Lessons from Past Market Cycles
Without a doubt, the ongoing conflict involving Israel, the United States and Iran has become a major driver of market sentiment, prompting investors to grow increasingly cautious toward non‑cash assets. Although the conflict appears likely to remain regional, its impact on oil markets has been both global and significant. Crude prices surged 57% in March, […]
Emerging Markets Rebound Despite Energy Risks
Strong Emerging Market Rally Masks Energy Concerns Emerging market equities fell 13% in the first month after the war with Iran began but recovered all of that—and more—in the following weeks. At the time of writing, emerging equities are up 22.6% year-to-date (USD, 8 May 2026). It would be tempting to conclude that emerging markets […]
The Battle Between Software and AI Agents Has Just Begun.
Future earnings matter because they determine the present value of a company. The challenge—and the source of volatility—comes from predicting those future earnings. Investor opinions on the outlook can change daily and meaningfully. Near‑term earnings expectations are typically anchored in the previous quarter’s results and management guidance. In the U.S., companies stood out this season, […]
Finding the Few Winners: Munro’s Strategy for Long-Term Growth
This month, we interviewed Nick Griffin, Chief Investment Officer and founding partner of Munro Partners. He and his investment team are based in Australia and focus on U.S. and global equity. Alfred: Nick, thanks for doing this. Can you tell our readers how you got into the investing industry and how long have you been doing […]
AI’s Second Act and How to Capitalize On It
It is not “if” robots will compete but when Humans have been worried about robots replacing them for over four decades. Until recently, the closest invention resembling a robot—the personal computer—boosted productivity but still relied heavily on human input. However, this may change with the rapid development of artificial intelligence and the recent announcement of […]
The Next Wave in Emerging Markets
This month, we interviewed Matthew Strauss, the portfolio manager of our emerging markets mandate. Mr. Strauss has over 25 years of investment experience and is an expert in global and emerging markets equities. Alfred Lam: U.S. market performance has been exceptional while emerging markets have lagged in the last decade. Can you explain what drove this […]
Trade Tensions Must De-Escalate
Since the pandemic and leading into the inauguration of Donald Trump as the 47th President of the United States, the U.S. economy has been extremely resilient, growing above assumed real trend growth of 2% per annum *85% of the time (*quarterly data, annualized, 16/19 instances). Healthy consumer appetite and robust fiscal spending drove strong growth despite […]
“Trump and DeepSeek” Drama
The world suddenly became more complex as Donald Trump began his new term as President of the United States, coinciding with the launch of DeepSeek, a Chinese firm’s challenger to ChatGPT’s dominance. Trump inherited an economy already in great shape but remains eager to make changes. Alongside implementing tariffs, he had vowed to take control […]
Tip of the AI Iceberg
If you wake up tomorrow morning believing the world is about the same as today, you are probably missing something. We are seeing dramatic changes led by technological advancements, and the latest is artificial intelligence (AI). A year ago, we were all excited about ChatGPT, which answers questions, translates languages and turns text into a […]
Planning for market volatility
In the early months of 2020, the coronavirus outbreak led to a sudden market meltdown—only to be followed by a surprisingly quick recovery by the summer. Not long after, in 2022, equity markets around the world entered bear market territory. In 2023, the markets rallied. It’s no wonder that many investors today have volatility on […]