Valuations - Not As High As You Think

Published by Alexander Tjiang on Feb 22, 2021

This week is on valuations. Yes, the S&P 500 is trading above its 90th percentile in terms of historical valuations (data back to the 30s). But the headline valuation is skewed by the valuations and weights of the mega cap tech names. About 1/3 of the... Read more
Waves of Money

Published by Alexander Tjiang on Feb 16, 2021

There is no question there are speculative waves of money moving around different markets and pushing prices these days. Case in point, Bitcoin hitting $50k. In this Ethos we take a look at money flows from the Reddit crowd to the rise of thematic ETFs... Read more
Cyclical Yield

Published by Alexander Tjiang on Feb 08, 2021

With bond yields trending higher as the global economy continues its long road to recovery, we have revisited our dividend framework that differentiates between interest sensitive and cyclical yield dividend companies. Having a balance, with a bit more... Read more
Cyclical Yield

Published by Alexander Tjiang on Feb 08, 2021

With bond yields trending higher as the global economy continues its long road to recovery, we have revisited our dividend framework that differentiates between interest sensitive and cyclical yield dividend companies. Having a balance, with a bit more... Read more
Investor Strategy - Little Mania to Start 2021

Published by Alexander Tjiang on Feb 01, 2021

In this edition of Investor Strategy: Market recap – the roaring 20s, again FOMO alive & well Manic malaise 2021 good economy, bad market? Fixed Income – cheaper & steeper Prefs – is anyone looking? Click HERE Read more
Crying Wolf on Inflation, Again?

Published by Alexander Tjiang on Jan 25, 2021

Inflation has become a hot topic again, as the economy gradually recovers and monetary / fiscal policy remains accommodative as ever. In this ethos we share our shorter term and longer term views on inflation. Click HERE Read more
Continued Warming to Emerging Markets

Published by Alexander Tjiang on Jan 18, 2021

We have been increasing our allocations to emerging markets starting back in September. In this Ethos, we share our views on this equity category and why we are more positive. Click HERE Read more
2021 Optimistic Start

Published by Alexander Tjiang on Jan 11, 2021

In our first investor strategy of the new year: Market recap Is this early or late cycle? EM has started to catch up Fishing beyond the 60/40 MPs turning ideas into action Click HERE Read more
Lessons From 2020

Published by Alexander Tjiang on Jan 04, 2021

2020 was a wild ride for markets. While we would caution from drawing hard conclusions from it, given a repeat of a similar year is rather remote, there were some lessons to be learned. Click HERE Read more