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...
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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....
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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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The Anatomy of an Investment - Inovalon

December 15, 2021 |Grace Wang Portfolio Management Practice
Idea generation is a process that we are continually reflecting upon and refining. A mindset of continuous observation, creativity, passion for business, and attention to both the quantitative and qualitative elements of investing surround this process...
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Investment Outlook

September 23, 2021 |Grace Wang Portfolio Management Practice
Monetary policy is one of the underlying factors that influences the path of equity price returns. This is because monetary policy is responsible for the prevailing level of interest rates, which in turn shape investors’ required return expectations,...
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The Investment Outlook: What's Changed (or not) and Perspectives on Investing

July 15, 2021 |Grace Wang Portfolio Management Practice
One of the topical subjects in the investment industry is the inflationary outlook. Inflation is an important factor because it determines the discount rate on investment asset classes, with higher inflationary expectations leading to higher return expectations...
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Perspectives on Investing: "Skate to where the puck is going, not where it has been"

June 10, 2021 |Grace Wang Portfolio Management Practice
As the investment climate evolves, and we are now midway through the year, clients have expressed interest in our outlook and portfolio positioning. Our current views remain similar to our views in past instalments, with most investors now realizing that...
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Investment Decision Making

April 28, 2021 |Grace Wang Portfolio Management Practice
In past installments, we distinguished between our definition of risk compared to volatility. Risk, is the degree of uncertainty embedded in a company’s business model. If this uncertainty enlarges due to the timing or the realization of profits or cash...
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Millennials, Valuation, and the Development of our Investment Process

March 04, 2021 |Grace Wang Portfolio Management Practice
In this installment of our investment journal, we would like to discuss demographic shifts within the investments industry. Over the next 20 years, it is estimated that there will be a $68 trillion inheritance transfer from Baby Boomers to Millennials...
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Valuation

December 19, 2020 |Grace Wang Portfolio Management Practice
Valuation is principally important for several reasons: First, valuation tells us what expectations have been incorporated into the market. Given our focus on identifying high quality companies, we want to assess which of these high quality companies...
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