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CIO Letter Articles
What Is Different And What Is Not? Use Both History And Logic. | CIO Letter
Yesterday was the worst one-day in the US stock markets since 1987. To have an index almost 10% down in a single day is a very rare event. How do we think about rare events then, in relation to our investments? The first popular framework of thought is to look at...
Let Your Financial Plan And Adviser Anchor Your Confidence Even When Markets Are Fearful
The COVID-19 situation has riled people and businesses, and it seems that yesterday, global stock markets finally showed its fears, with the growing spread of the virus across countries, increased deaths and large clusters in Europe, and fears in the US. The US...
We have no 2020 outlook
A very happy new year! At this time of the year, fund managers like to do a review of markets in the past year and a forecast or outlook for the coming year. Occasionally, a few would compare – usually when they are right – the market in review versus their initial...
12th November CIO Letter
Dear Client, From CEO/CIO: Happiness on 28th October, SRS tax savings and other musings Does what happen in the stock market every day make you happy or sad? If so, every year, you should be happiest on the 28th of October. Because 28th October is historically the...
11th October CIO Letter
Dear Client, FROM CEO/CIO: WHERE CAN I FIND ALPHA? Where I went to university, my essay grades were given in letters of the Greek alphabet: alpha (α), beta (β) and gamma (γ) and combinations of them – including esoteric ones like beta-alpha-minus-question mark-minus...
11th September CIO Letter
Dear Client, From CEO/CIO’s Desk: Spoiler Alert! This year, there have been quite a number of grand finale episodes to blockbuster movies and TV series, as well as a few major football matches. Nothing beats the experience of watching Avengers: Endgame, the last...
26th August CIO Letter
Dear Client, From CEO/CIO’s Desk: Steady Does It Markets have gyrated violently in the intervening weeks between my last letter to you on 6 August and now. There have been two broad set of factors, both pertaining to concerns over economic growth. First, the bond...
6th August CIO Letter
Dear Client, FROM THE CEO/CIO’S DESK: THE RIGHT CALLIf you had invested in the stock market at the beginning of July, did not watch the news in between and only checked your portfolio at the end of the month, you might have thought that July was very boring for the...
2nd July CIO Letter
Dear Client, About six to eight weeks ago, the traditional maxim of “sell in May and go away” seemed to be playing out well, when global markets declined by about 6% in a month. In the brutal last week of that month, the temptation would have been to say, let me cut...
