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MARKET COMMENTARY

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Gold Flourishes as GFC Like Cracks Emerge

Oct 22, 2025

8:22 am

• Gold – How about $11,000? • Gold price to M2 money supply ratio shows still more upside • The yellow metal’s outperformance versus equities is unprecedented, given equities haven’t fallen • Private Credit has its wake-up call – high-yield spreads widen • China’s Plenum set to spell out the long-term vision • France and…

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When the Good News Runs Out

Oct 16, 2025

6:00 am

• Markets were vulnerable given recent low voaltility • US’s threatened 100% tariffs on China would be playing with fire – there are early signs of a backdown • The world will remain vulnerable to China’s virtual monopoly on rare earth production • Global growth looks to be waning as capital investment growth starts to…

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Investment Strategy

Oct 15, 2025

11:10 am

• H-1B visa fee hike and 100% tariffs on branded/patented drugs have limited impact on Indian cos. • Maintain neutral equities as most parameters are balanced; earnings recovery needed for momentum. • Upgrade mid-caps to neutral from underweight due to improved valuations and relatively stronger earnings. • Maintain overweight in gold despite partial profit-taking; also…

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Same Advice, Better Stories

Oct 7, 2025

6:43 am

• As we enter a new quarter we see little reason to deviate form our core portfolio advice. • We expect China’s upcoming fourth plenum to deliver further structral reasons for optimism on Chinese equity market. • A female Prime Minister in Japan provides further evidence of Japan’s transformation. • As long as fiscal and…

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