Perspective on the Market Selloff 如何看待當下的市場調整期 by Charles Cheng, CFA 鄭又銓, CFA     Global markets have been in turmoil this month. Month to date (as of Oct 24), the S&P 500 is down -6.0%, the MSCI World ACWI Index down -7.0%, t […]

Is there no place like home? 沒有像家一樣的地方嗎？ by Charles Cheng, CFA 鄭又銓, CFA     We have just passed the ten-year anniversary of Lehman Brother’s collapse. While the crisis is a reminder that in investing, one always has to be prepared […]

The Meaning of Risk Adjusted Return 風險調整回報的意義 by Charles Cheng, CFA 鄭又銓, CFA     Following the recent correction this year in emerging markets, the return of the MSCI Emerging Markets Index (MXEF) over the last three years has fal […]

The Edge of the Performance Horizon 基金回報，位於可見地平線的邊緣 by Charles Cheng, CFA 鄭又銓, CFA   As we approach the ten-year anniversary of the worst parts of the global financial crisis, one of the more basic tasks for individual investors is bec […]

Should We Still Allocate to US Treasuries? 我們應該繼續配置美國國債嗎 by Charles Cheng, CFA 鄭又銓, CFA     Since hitting a low of 1.32% on July 5th, 2016, the benchmark 10-year US Treasury Bond yield has risen steadily for almost two years to it […]

On Expected Returns and Market Cycles 預期收益和市場週期 by Charles Cheng, CFA 鄭又銓, CFA     Despite the recent round of volatility in global equity markets, we are still in what can be considered a multi-year uptrend. The biggest market dr […]

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 […]