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

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...
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2025: An Earnings-Driven Secular Bull Market

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...
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The Macroeconomic Outlook for Q4 2024

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

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...
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We Wish you a Dovish Holiday Season 

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...
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