Author: Kean Chan

Reviewing 2018, & what’s next?

It’s time for a review of 2018, and I have to say that I managed to protect my capital (which is great and am fortunate) but I did not capitalise aggressively on opportunities that I was aware of. But for both Wall Street and Main Street and for investors who have to be invested from the long side, it’s generally a really tough year as every major asset class recorded negative year-to-date performance: In fact, every major investible asset class in the public markets failed to outperform inflation rates this year, with the median return of major asset classes...

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Trade deal or no trade deal? It does not matter…

‘We, the Chinese nation, after fifty years of sanguinary revolutions and five and a half years of sacrifice in the War of Resistance, have finally transformed the history of a hundred years of the Unequal Treaties of sorrow into a glorious record of the termination of the Unequal Treaties’ ~ Chiang Kai-Shek, January 1943 Somewhere near the prestigious Tsinghua University in Beijing, China’s capital city, lies a large and beautiful park that contains a couple of ruined rubble on its outskirts that may resemble classical Greek architecture to any onlooker. Most foreigners know little about this ruined area and...

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If there’s one thing to know soon, it’s MMT

MMT stands for ‘Modern Monetary Theory’, and it may be the next must-know term to know and understand before it becomes mainstream. OK, but what exactly is Modern Monetary Theory? The Roosevelt Institute published an article about it eight years ago, and it simply describes a school of thought in macro-economic thinking that revolves around fiat currency and how sovereign governments issue them: ‘They insist that the notion of “fiscal sustainability” or “solvency” is not applicable to a sovereign government — which cannot be forced into involuntary default on debts denominated in its own currency. Such a government spends...

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‘Less about fundamentals, more about risk management’ ~ podcast with Mark Dow

I follow a couple of macro investors out there and Mark Dow of ‘Behavioral Macro‘ is worth following. Dow was an economist with various stints in Wall Street institutions and even the International Monetary Fund (IMF). He currently manages a family office based out in Southern California. Futures Radio Show interviewed Dow at the beginning of the year and released their podcast interview with him here. [embedded content] Here’s some of my takeaways from the interview: There are many who are good at reading patterns and understanding market rhythms, but they are not skilled in taking risk when the...

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