How Much Will Protectionism Hurt? 保護主義將帶來多少損失？ by Charles Cheng, CFA 鄭又銓, CFA   One of the less controversial ideas in economics is that unrestricted trade promotes economic growth of participating countries while trade protectionism h […]

What the Return of Volatility Tells Us Going Forward 波動的回歸對未來有何啟示 by Charles Cheng, CFA 鄭又銓, CFA     The dramatic market drops at the start of the month of February after around two years of steady advances were a reminder to inve […]

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 […]

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 […]

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 […]

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 […]