Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>This week, the approval of a spot Bitcoin ETF took another leap forward. And a poll among investors reveals that this will be a game-changer. </li>
<li>Equities tumbled again, and earnings are to blame. Google is down hard as the ‘Magnificent 7’ delivered mixed earnings, nowhere near good enough, given they are priced for perfection! </li>
<li>And that’s not all. The spike in real yields suggests a whopping decline of 25%(!) of the P/E ratio of the S&amp;P 500 Index.</li>
</ul>


This week, the approval of a spot Bitcoin ETF took another leap forward. And a poll among investors reveals that this will be a game-changer. 
Equities tumbled again, and earnings are to blame. Google is down hard as the ‘Magnificent 7’ delivered mixed earnings, nowhere near good enough, given they are priced for perfection! 
And that’s not all. The spike in real yields suggests a whopping decline of 25%(!) of the P/E ratio of the S&amp;P 500 Index.


The Weekly Market Monitor – Reality Check!

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>New owner Elon Musk is blowing up Twitter in record time by driving away revenue, gutting headcount to levels unable to sustain the platform, and accelerating its legal jeopardy. </li>
<li>With Twitter now hurling toward bankruptcy, it's also running out of cash as well as places to get it.</li>
<li>Too bad Elon also has already has caused hundreds of millions in losses for Twitter's beleaguered bankers and his fellow equity buyers who he caused to "obviously" overpay. </li>
</ul>


New owner Elon Musk is blowing up Twitter in record time by driving away revenue, gutting headcount to levels unable to sustain the platform, and accelerating its legal jeopardy. 
With Twitter now hurling toward bankruptcy, it's also running out of cash as well as places to get it.
Too bad Elon also has already has caused hundreds of millions in losses for Twitter's beleaguered bankers and his fellow equity buyers who he caused to "obviously" overpay. 


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Apple fired five employees of China App Store for corruption.</li>
<li>Yonghui follows Alibaba's Freshippo outlets to open discounted stores this year.</li>
<li>JD.com sued 44 companies and 3 persons for abusing JD’s trademark.</li>
</ul>


Apple fired five employees of China App Store for corruption.
Yonghui follows Alibaba's Freshippo outlets to open discounted stores this year.
JD.com sued 44 companies and 3 persons for abusing JD’s trademark.


China Internet Weekly (23 Oct 2023): AAPL, Alibaba, JD.com

Taiwan Tech Focused Senior Analyst

Patrick Liao

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>'s outlook is expected to be slightly negative QoQ in 4Q23F. </li>
<li>The <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> iPhone 16 qualification samples of Novatek OLED DDIC is targeting to deliver by 4Q23F.</li>
<li>Novatek is increasing its wafer orders at UMC in 4Q23F.</li>
</ul>



Novatek Microelectronics Corp (3034 TT)'s outlook is expected to be slightly negative QoQ in 4Q23F. 
The Apple (AAPL US) iPhone 16 qualification samples of Novatek OLED DDIC is targeting to deliver by 4Q23F.
Novatek is increasing its wafer orders at UMC in 4Q23F.


Novatek (3034.TT): Re-Qualify IPhone OLED Display DDIC; the Downturn Might Be Ending Soon.

Macroeconomics

<ul>
<li>Geopolitical risks are building, not only because of the developments in the Middle East. Semiconductor companies, including ASML and NVIDIA, got a clear warning this week that their growth ambitions in China are at risk. </li>
<li>Chinese property developers show ‘Crypto-like’ declines, and downside risks for Commodities appear.</li>
<li>Bond yields keep pushing higher, but our fair value estimate for the 10-year US Treasury yield points to a peak.</li>
</ul>


Geopolitical risks are building, not only because of the developments in the Middle East. Semiconductor companies, including ASML and NVIDIA, got a clear warning this week that their growth ambitions in China are at risk. 
Chinese property developers show ‘Crypto-like’ declines, and downside risks for Commodities appear.
Bond yields keep pushing higher, but our fair value estimate for the 10-year US Treasury yield points to a peak.


The Weekly Market Monitor – Where’s the Plunge Protection Team?

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

The Weekly Market Monitor – Reality Check!

When something is 'priced for perfection,' disappointment is inevitable. Just ask Google. By the way, a spot Bitcoin ETF is inevitable, too. This...

Jeroen Blokland

Elon Is "Saving" Twitter To Death

I warned last year Elon Musk would siphon cash & resources from his other companies, especially Tesla, to fund his failing Twitter operation—likely...

Vicki Bryan

China Internet Weekly (23 Oct 2023): AAPL, Alibaba, JD.com

Apple fired five employees of China App Store for corruption. Yonghui follow Alibaba to open discounted stores. JD.com sued companies and persons...

Ming Lu

Novatek (3034.TT): Re-Qualify IPhone OLED Display DDIC; the Downturn Might Be Ending Soon.

Novatek's outlook is expected to be slightly negative QoQ in 4Q23F. The Apple iPhone 16 qualification samples of Novatek OLED DDIC is targeting to...

Patrick Liao

The Weekly Market Monitor – Where’s the Plunge Protection Team?

China's National Team seems absent as Chinese stocks tumble, geopolitics take center stage, but still, Sentiment is not depressed enough.

Jeroen Blokland

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