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2024 Market Outlook - Part 1: Through the sentiment extremes, cycle change and secular trends
Global markets have hit extremes in sentiment – extreme exuberance towards the US and Japan and extreme pessimism about China. That sentiment has in part been driven by straight line projections of the cycle – the expectation that the US will continue its current path towards “Goldilocks” and Japan can sustain its currency depreciation-led earnings growth. The risks are that the cycle in the US transitions not to “Goldilocks” but to recession, and Japan’s Yen depreciation/reflation cycle cannot be sustained without dangerous inflation and ultimately government debt consequences. For China, the extreme in pessimism is predicated on the assumption that China cannot escape its cyclical weakness of the last 12 months, notwithstanding its ample policy “ammunition”.
2023年12月18日
Global markets have hit extremes in sentiment – extreme exuberance towards the US and Japan and extreme pessimism about China. That sentiment has in part been driven by straight line projections of the cycle – the expectation that the US will continue its current path towards “Goldilocks” and Japan can sustain its currency depreciation-led earnings growth. The risks are that the cycle in the US transitions not to “Goldilocks” but to recession, and Japan’s Yen depreciation/reflation cycle cannot be sustained without dangerous inflation and ultimately government debt consequences. For China, the extreme in pessimism is predicated on the assumption that China cannot escape its cyclical weakness of the last 12 months, notwithstanding its ample policy “ammunition”.
2023年12月18日

US equities – the postman has rung twice
Some traders borrow the expression “the postman always rings twice” from the title of that 1981 movie. It is to make the point that markets often give investors a few opportunities to get in or get out. We believe the first time the “postman” rang already for a downtrend when the S&P 500 hit an intra-day high of 4195 in early February but it failed to sustain above the 50.0% Fibonacci retracement of the decline from January 2022 to October 2022. In this article, our Senior Advisor Say Boon Lim discusses the valuations and earning forecasts for US markets, and the “postman” may just have rung a second time when the S&P 500 was once again testing its 78.6% Fibonacci retracement resistance.
2023年4月13日
Some traders borrow the expression “the postman always rings twice” from the title of that 1981 movie. It is to make the point that markets often give investors a few opportunities to get in or get out. We believe the first time the “postman” rang already for a downtrend when the S&P 500 hit an intra-day high of 4195 in early February but it failed to sustain above the 50.0% Fibonacci retracement of the decline from January 2022 to October 2022. In this article, our Senior Advisor Say Boon Lim discusses the valuations and earning forecasts for US markets, and the “postman” may just have rung a second time when the S&P 500 was once again testing its 78.6% Fibonacci retracement resistance.
2023年4月13日

2023 Market Outlook - Part 1: Positioning to Benefit from Rebalancing
In a discordant world, there are no overarching investment themes. The different parts of the world are marching to different drums – their economies and markets are driven by different cycles, different prior policy choices and factors beyond their control. The US economy and market are paying back for the extreme policy stimulus of 2020-2021. Europeans are paying back for the same, with the added pain of a war outside their control. Japan is battling a chronic ailment – extreme debt – made acute by sharply higher cost of US funds. China is at the bottom of its policy cycle, at the beginning of a path out of COVID health controls.
2022年12月5日
In a discordant world, there are no overarching investment themes. The different parts of the world are marching to different drums – their economies and markets are driven by different cycles, different prior policy choices and factors beyond their control. The US economy and market are paying back for the extreme policy stimulus of 2020-2021. Europeans are paying back for the same, with the added pain of a war outside their control. Japan is battling a chronic ailment – extreme debt – made acute by sharply higher cost of US funds. China is at the bottom of its policy cycle, at the beginning of a path out of COVID health controls.
2022年12月5日

The Great Transition
The US Federal Reserve has signalled the imminent start of the transition from the Great Stimulus of 2020-2021 to a period with new uncertainties. The Fed’s suggested pace of tapering quantitative easing was at the high end of expectations. In this article our Senior Advisor Say Boon Lim discusses his thoughts on what to expect regarding US inflation rate and 10Y UST yield, and why we need to brace for more challenging US equity and bond markets with lower return and higher risk coming up on the horizon.
2021年10月5日
The US Federal Reserve has signalled the imminent start of the transition from the Great Stimulus of 2020-2021 to a period with new uncertainties. The Fed’s suggested pace of tapering quantitative easing was at the high end of expectations. In this article our Senior Advisor Say Boon Lim discusses his thoughts on what to expect regarding US inflation rate and 10Y UST yield, and why we need to brace for more challenging US equity and bond markets with lower return and higher risk coming up on the horizon.
2021年10月5日

US equities – the challenge of scaling the “triple peaks”
The upward momentum of US equities has slowed considerably over the past 16 months, from the explosive initial rebound in late March last year. Our sense is that we would either see small gains in coming months or indeed a correction in the face of the likely peaks in economic growth, earnings growth, and policy stimulus. In this article our Senior Advisor Say Boon Lim discusses why investors in US equities may have to lower their returns expectations for 2H21 in the face of what some are calling the “triple peaks”.
2021年8月18日
The upward momentum of US equities has slowed considerably over the past 16 months, from the explosive initial rebound in late March last year. Our sense is that we would either see small gains in coming months or indeed a correction in the face of the likely peaks in economic growth, earnings growth, and policy stimulus. In this article our Senior Advisor Say Boon Lim discusses why investors in US equities may have to lower their returns expectations for 2H21 in the face of what some are calling the “triple peaks”.
2021年8月18日

Mr. Market Getting Grumpy
Recently we wrote about how investors can navigate “Mr. Market’s manic-depressive mood swings”, cautioning that those swings are likely to get shorter and more frequent. Indeed, Mr. Market may already be getting grumpy again. And it is not quite because things are going badly. It will more likely be because he has gotten ahead of himself in terms of expectations. In this article our Senior Advisor Say Boon Lim shared his thoughts on why a correction is due and it’s important to watch the divergences - as the high growth with low inflation narrative is wearing thin and the US economy may be losing its ability to surprise on the upside.
2021年7月22日
Recently we wrote about how investors can navigate “Mr. Market’s manic-depressive mood swings”, cautioning that those swings are likely to get shorter and more frequent. Indeed, Mr. Market may already be getting grumpy again. And it is not quite because things are going badly. It will more likely be because he has gotten ahead of himself in terms of expectations. In this article our Senior Advisor Say Boon Lim shared his thoughts on why a correction is due and it’s important to watch the divergences - as the high growth with low inflation narrative is wearing thin and the US economy may be losing its ability to surprise on the upside.
2021年7月22日

Navigating Mr. Market’s Mood Swings
Navigating Mr. Market’s Mood Swings Warren Buffett – channeling his teacher Benjamin Graham – famously said: “Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed.” In recent times, the market has looked a lot more like the “drunken psycho” of Warren Buffett’s characterisation than usual. In this article our Senior Advisor Say Boon Lim shares his thoughts on how we would navigate through the market swings under signals from rate movements and expectations, economic recovery, covid control and vaccination roll outs, and in the process, the divide between the “vaxed” and the “vaxed-nots”.
2021年7月15日
Navigating Mr. Market’s Mood Swings Warren Buffett – channeling his teacher Benjamin Graham – famously said: “Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed.” In recent times, the market has looked a lot more like the “drunken psycho” of Warren Buffett’s characterisation than usual. In this article our Senior Advisor Say Boon Lim shares his thoughts on how we would navigate through the market swings under signals from rate movements and expectations, economic recovery, covid control and vaccination roll outs, and in the process, the divide between the “vaxed” and the “vaxed-nots”.
2021年7月15日

Pressing on from the unprecedented 2020: Outlook 2021 (Part 2 – Global)
Global equities look likely to push higher in 2021, despite the pandemic’s economic and human toll.
2020年12月23日
Global equities look likely to push higher in 2021, despite the pandemic’s economic and human toll.
2020年12月23日