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Portfolio Construction

What to expect in 2024

It is the time of the year when we reflect, celebrate and look forward. Following a tougher 2022, equity and fixed income both returned positively in 2023. Technology companies (the “magnificent seven” in particular), that are now a big part of our lifestyle, contributed significantly to equity market returns. Central banks, such as the Federal […]

Monetizing the Tech Revolution

It has been 49 years since the launch of the first personal computer. Since then, humans have been asking the same question: When will computers and robots replace humans? Not 40 years ago, not 30, not 20, and also not a decade ago. However, it now feels we are a lot closer to being eclipsed […]

Pressure Continues to Build

Market Outlook Equity implied volatility is in the mid-teens, suggesting a possibility that investors have become complacent. This is happening despite a relentless increase in market interest rates, which is slowly building pressure on the system. After a year and a half of policy rate increases, and later, stern warnings from economists, central bankers, and […]

Monetizing the Tech Revolution

It has been 49 years since the launch of the first personal computer. Since then, humans have been asking the same question: When will computers and robots replace humans? Not 40 years ago, not 30, not 20, and also not a decade ago. However, it now feels we are a lot closer to being eclipsed […]

Pressure Continues to Build

Market Outlook Equity implied volatility is in the mid-teens, suggesting a possibility that investors have become complacent. This is happening despite a relentless increase in market interest rates, which is slowly building pressure on the system. After a year and a half of policy rate increases, and later, stern warnings from economists, central bankers, and […]

A New Era of Disruptive Tech

Technology is disruptive. This statement is somewhat true, somewhat untrue. Disruptive tech of the past Since the introduction of the personal computer in the ‘80s, human beings have experienced growing exposure to technology which changes how we “normally” do things. The first-generation personal computer performed basic computation, data storage and gaming. The capabilities of computer […]

Is the U.S. Print-To-Pay Policy Coming to an End?

Is the U.S. Print-To-Pay Policy Coming to an End? In our lives, we often deal with uncertainties. Some are “known unknowns”, meaning we were aware of the event/issue but uncertain about the outcome; some are “unknown unknowns”, meaning no one saw it coming, it was sudden and random, like the COVID-19 outbreak in 2020. Today, […]

Lessons from March’s Bank Run

The misdirect Investors began the year with an extremely optimistic belief that an economic soft landing would be achieved in the U.S. with cooling inflation and that the U.S. Federal Reserve was very close to finished hiking rates. The S&P 500 Index rose to 4180 during the quarter (see chart below). This optimistic expectation was […]

Fixed Income Commentary

The battle between slowing overall economic activity and stubborn inflation continues to rage in most geographies. Central banks in these regions have increased short rates very sharply over the past year. Generally, the results have been positive as headline inflation has fallen and interest rate sensitive sectors of the economy are in decline. However, the […]

A Smooth Start (For Now)

Investors’ appetites have increased as we entered 2023. Generally, at asset class level, the larger the loss in 2022, the larger the gain (recovery) in 2023, though this is only the data for January (see chart below). What made investors so optimistic? We recognize investors are feeling reassured by progress on several issues: First, China […]