Investment Journal

Earnings Growth Drives Long-Term Valuations

March 22, 2023 |Grace Wang Portfolio Management Practice

Chapter 36: Earnings Growth Drives Long-Term Valuations Dear Clients, In our previous investment outlook from December, we had characterized year 2022’s performance as being impacted by a series of interlinked growth shocks, first stemming from more persistent...

A Look Back to 2022 Performance Drivers and a Look Forward into 2023 Portfolio Positioning

December 15, 2022 |Grace Wang Portfolio Management Practice

Chapter 35: A Look Back to 2022 Performance Drivers and a Look Forward into 2023 Portfolio Positioning Dear Clients, As 2022 concludes, we wish to provide a review of the performance factors influencing our portfolios’ year-to-date (YTD) returns. Recall...

Portfolio Management Strategy Update: Pivoting from Fundamental Growth to Visibility of Present Value

November 10, 2022 |Grace Wang Portfolio Management Practice

Chapter 34: Portfolio Management Strategy Update: Pivoting from Fundamental Growth to Visibility of Present Value Dear Clients, We hope you are well. In prior installments of our journal, we had prepared clients for an intrinsic value of 3500 on the S&P500...

Quarter 2 of 2022 Earnings Recap and Federal Reserve Update

September 01, 2022 |Grace Wang Portfolio Management Practice

Chapter 33: Quarter 2 of 2022 Earnings Recap and Federal Reserve Update Dear Clients, We hope you are having a pleasant summer. As this year has demonstrated, there is a distinction between volatility in the markets versus risk. As a reminder to clients...

Re-calibrated Market Outlook

June 15, 2022 |Grace Wang Portfolio Management Practice

Chapter 32: Re-calibrated Market Outlook Dear Clients, We hope the summer finds you in good spirits. In summer outdoor barbecues, there is a saying that “everything goes on the grill.” This saying may aptly describe today’s heated investment climate,...

Follow up on the Investment Outlook

May 09, 2022 |Grace Wang Portfolio Management Practice

In our previous investment journal, we had discussed the possible baseline scenario of the S&P500 re-testing 3500 (14x on forward earnings, 12% possible downside from today’s S&P500 closing value of 3991), predicated on the concern that the Federal Reserve...

The Market’s View on Fed Policy

April 28, 2022 |Grace Wang Portfolio Management Practice

We would like to address a subject that has been circulating through the investor psyche as of late: the concern is that the Federal Reserve, in its hawkish stance, is unable to engineer a soft landing, and that the contemplated series of interest rate...

Evaluating Portfolio Characteristics

March 23, 2022 |Grace Wang Portfolio Management Practice

We are deeply saddened by the scale of human suffering that has resulted from the Russian-Ukraine geopolitical situation, which was the major cause of recent market volatility. It has reinforced to investors the importance of investing in companies with...

Geopolitical Event Studies

February 17, 2022 |Grace Wang Portfolio Management Practice

Before looking at one of the specific military risks in Ukraine surrounding this complex geopolitical situation and related sanctions risks, it’s important to consider the market’s past performance during previous wars and high-stakes confrontations....

Monetary Outlook for 2022

January 18, 2022 |Grace Wang Portfolio Management Practice

Happy New Year to you and your loved ones. We concluded 2021 in a strong position, on both an absolute net return and relative performance basis. The fogginess that greeted growth names as 2022 started had to do with an uncertain interest rate outlook...

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