Investment Journal

Spotlighting Alphabet Again: Comprehensive & Intact Value Creation Drivers

October 22, 2025 |Grace Wang Portfolio Management Practice

Chapter 51: Spotlighting Alphabet Again: Comprehensive & Intact Value Creation Drivers. Dear Clients, The last time we wrote about Alphabet (GOOGL) on June 13th, 2024, one of the highest weighted members of our investment portfolio (See Chapter 43: Spotlighting...

An Earnings Inflection Point

October 22, 2025 |Grace Wang Portfolio Management Practice

Chapter 50: An Earnings Inflection Point Dear Clients, Quarter two of 2025 marked an inflection point in the company earnings of some of our major holdings. That AI is ushering in a new era of disinflationary productivity-led gains was evident in two...

Quality Prevails…Yet again!

June 19, 2025 |Grace Wang Portfolio Management Practice

Chapter 49: Quality Prevails…Yet again! Dear Clients, In Chapter 48 of our Investment Journal “Separating Signal from Noise in the Tariff Uncertainties,” we outlined our base case that the April 2nd Liberation Day Tariffs (the “retaliatory tariffs” we...

Separating Signal from Noise in the Tariff Uncertainties

April 11, 2025 |Grace Wang Portfolio Management Practice

Chapter 48: Separating Signal from Noise in the Tariff Uncertainties Dear Clients, April 2nd's "Liberation Day" tariffs caused a disorderly unwind of market valuations, across all companies regardless of sector or style bias. This was because originally...

The Survivors, Thrivers, Disruptors and Wealth Creators of the 2020s

March 24, 2025 |Grace Wang Portfolio Management Practice

Chapter 47: The Survivors, Thrivers, Disruptors and Wealth Creators of the 2020s Dear Clients, In past investment journal installments, we touched on how a handful of companies produce the vast majority of wealth creation in US equity markets. We termed...

2025: An Earnings-Driven Secular Bull Market

December 04, 2024 |Grace Wang Portfolio Management Practice

Chapter 46 - 2025: An Earnings-Driven Secular Bull Market Dear Clients, In October, we described the US economy as being in a gradual rate-easing cycle wherein interest rates are being reduced while the economy remains resilient, marking a soft landing...

The Macroeconomic Outlook for Q4 2024

October 24, 2024 |Grace Wang Portfolio Management Practice

Chapter 45: The Macroeconomic Outlook for Q4 2024 Dear Clients, In this investment journal, we would like to update you on the macro-level dynamics shaping the US equity markets, as we head into the final quarter of the year. In August, we explained that...

Rotational Corrections: A Case Study in “Volatility does not Equal Risk”

August 28, 2024 |Grace Wang Portfolio Management Practice

Chapter 44: Rotational Corrections: A Case Study in “Volatility does not Equal Risk” Dear Clients, In this installment, we wish to review the dynamics of a market in correction, defined as a shortlived pullback in asset prices. As we have pointed out...

We Wish you a Dovish Holiday Season

December 06, 2023 |Grace Wang Portfolio Management Practice

Chapter 40: We Wish you a Dovish Holiday Season Dear Clients, In our previous installment, we emphasized our baseline call of a soft landing for the US economy, wherein the Federal Funds Rate is sufficiently high enough to bring down inflation without...

The Most Widely “Pre-announced” Recession that may not Arrive

October 13, 2023 |Grace Wang Portfolio Management Practice

Chapter 39: The Most Widely “Pre-announced” Recession that may not Arrive Dear Clients, The investment markets are home to a broad spectrum of perspectives, and part of our role is to parse through this mosaic and develop an interpretational advantage...

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