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The Logical in Amongst the Illogical

Mar 11, 2025

9:29 am

• President Trump’s erratic policymaking is taking its toll on growth and markets • It is difficult to see logic in Trump’s tariff actions, which can only increase inflation • Therefore, there is logic in investors switching portfolio allocation to non-US markets • There is logic also in worrying about higher inflation and growth, which…

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Investment Strategy

Mar 10, 2025

12:15 pm

• India’s macro and valuations are improving, but equities may remain under pressure in the absence of visibility of earnings recovery. • Large-cap valuations appear fair, while mid-and small-cap valuations remain above historical averages despite recent corrections. • Remain underweight on equities, with a preference for large caps. • Overweight gold amid strong central bank…

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A Pending Chainsaw Massacre?

Feb 24, 2025

10:09 am

President Trump’s unrelenting stance on tariffs, coupled with deeper cuts to government spending (chainsaw-inspired, as Elon Musk perhaps would prefer), is causing significant disruptions to the US economy. The resulting uncertainty has caused tremendous shock that is rippling through various sectors, leading to market volatility and growing investor unease. The euphoria that followed the election…

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Investor Exuberance at Odds with Valuations and Inflation Data

Feb 17, 2025

8:59 am

• US retail investors are at their exuberant best • Last week’s US inflation data was concerning but markets shrugged off the bearish thoughts • Fed minutes due out this week key to near term sentiment • In Australia, RBA to cut rates for first time in four years • Japanese economic data for GDP…

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