Transaction costs in personal investing 個人投資中的交易成本   by Charles Cheng, CFA 鄭又銓, CFA   Starting this January, a comprehensive regulatory reform in Europe for investor protection (MiFID II) has come into effect, shining a spotlight […]

In the US, a Short Term Handout, Long Term Uncertainty 在美國，一個短期的優惠，長期的不確定性   by Charles Cheng, CFA 鄭又銓, CFA     On December 22, US President Donald Trump signed into law the “Tax Cuts and Jobs Act”, a tax overhaul bill that i […]

Market Valuation and Feedback Loops 市場估值以及反饋循環 by Charles Cheng, CFA 鄭又銓, CFA   As 2017 draws to a close, risk asset markets look like they are about to finish their best year since 2013. The MSCI World Index (the index of developed st […]

Thoughts Regarding a Possible New Fed Chairman 關於新美聯儲主席人選一些想法 by Charles Cheng, CFA 鄭又銓, CFA   The position of US Federal Reserve Chairman, one of the most influential in terms of impacting the US and world economies, is set to be sele […]

What Investment Advice to Trust 投資者們該信任哪些投資建議 by Charles Cheng, CFA 鄭又銓, CFA     In June of this year, a rule passed in the US requiring financial advisors who provide advice related to retirement planning to abide by a fiduciary […]

The Markets During and after Catastrophes 重大災難時及災難後的股市 by Charles Cheng, CFA 鄭又銓, CFA     Recently, there has been a lot of discussion in the news about terrorist threats and belligerence between different countries. For long term […]

How Much Does Asset Allocation Matter Anymore? 資產配置還重要嗎？ by Charles Cheng, CFA 鄭又銓, CFA     As we approach the ninth year of this global equity bull market and with bond yields still at extremely low levels, the effectiveness of t […]

Are Markets Too Complacent? 市場情緒是否過於自滿？ by Charles Cheng, CFA 鄭又銓, CFA     In our previous letter, we discussed how we are probably yet not close to the end of the current economic upcycle. Financial markets seemingly have also ta […]

Why the credit cycle matters for every type of investor 為何信貸週期對於各類型投資者都至關重要 by Charles Cheng, CFA 鄭又銓, CFA   As we approach close to ten years since the last major economic downturn, and with world stock markets at historical highs, th […]

Actively Passive or Passively Active? 主動地被動還是被動地主動？ by Charles Cheng, CFA – Clarity Investment Partners 鄭又銓, CFA -可承資本 。   A longtime investing trend that is accelerating is the shift of investors from actively managed funds to p […]

Trending Up (But for How Long)? 上升的經濟（將持續多久）？ by Charles Cheng, CFA – Clarity Investment Partners 鄭又銓, CFA -可承資本   Despite the volatile political situation in several countries around the world, the global economy has been resili […]

Making Sense of the Dollar 了解美元對投資的意義 by Charles Cheng, CFA – Clarity Investment Partners 鄭又銓, CFA -可承資本   As the world’s reserve currency, the US Dollar’s movements can have a widespread impact on investors all over the world, e […]