CEO, ByteTree Asset Management

ByteTree Asset Management

Specialising in Bitcoin, Gold and Digital Assets

Investment Manager specialising in bitcoin, gold and digital assets

Equity Bottom-Up

<ul style="list-style-type: disc;"><li>Apple is the most perfect company, with huge cashflow and a dominant market position. It can do no wrong.</li><li>UK institutional investors and regulators have turned the FTSE into a “Jurassic Index”, as Paul Marshall described it, which is dominated by banks, oil and mining while lacking technology stocks.</li><li>And since oil and mining have become pariahs, what will be left?</li></ul>

Apple is the most perfect company, with huge cashflow and a dominant market position. It can do no wrong.UK institutional investors and regulators have turned the FTSE into a “Jurassic Index”, as Paul Marshall described it, which is dominated by banks, oil and mining while lacking technology stocks.And since oil and mining have become pariahs, what will be left?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.</li>
<li>We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.</li>
<li>While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.</li>
</ul>


Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.
We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.
While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.


Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

Thematic (Sector/Industry)

<ul><li>1st chart shows us the 2023 % returns &amp; the holdings weightings while the 2nd table is a return attribution analysis which tells us exactly that 10.25% (1025 b.p basis points) are due to just 7 stocks, the M7 (Magnificent Seven) tech stocks: Apple, Microsoft, Nvidia, Amazon, Tesla, Meta/Facebook &amp; Google/Alphabet. Let that sink in!</li><li>The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023</li><li>To continues smoothly here, the S&amp;P 500 with the stocks above their 52-week lows &amp; below their 52-week highs: tech, AI, semiconductors and consumer discretionary are leading and hot, while energy, cruises &amp; travel cooled off in the last year</li></ul>

1st chart shows us the 2023 % returns &amp; the holdings weightings while the 2nd table is a return attribution analysis which tells us exactly that 10.25% (1025 b.p basis points) are due to just 7 stocks, the M7 (Magnificent Seven) tech stocks: Apple, Microsoft, Nvidia, Amazon, Tesla, Meta/Facebook &amp; Google/Alphabet. Let that sink in!The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023To continues smoothly here, the S&amp;P 500 with the stocks above their 52-week lows &amp; below their 52-week highs: tech, AI, semiconductors and consumer discretionary are leading and hot, while energy, cruises &amp; travel cooled off in the last year

The S&P 500 Report: Performance, Profitability, Valuation & Key Metrics - Ed #2

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.

<ul>
<li>One reason the Global Fund Manager Survey is interesting is that it often contains contradictions concerning investor positioning.</li>
<li>Global Fund Managers are joining the AI boom, are heavily overweight tech stocks, but only 54% of them expect AI to boost company profits.</li>
<li>We believe global fund managers are long tech stocks because of strong momentum and the market extrapolation of artificial intelligence impacting earnings and sales growth, not because of superior fundamentals. </li>
</ul>


One reason the Global Fund Manager Survey is interesting is that it often contains contradictions concerning investor positioning.
Global Fund Managers are joining the AI boom, are heavily overweight tech stocks, but only 54% of them expect AI to boost company profits.
We believe global fund managers are long tech stocks because of strong momentum and the market extrapolation of artificial intelligence impacting earnings and sales growth, not because of superior fundamentals. 


Concise Playbook for the Week, Global Markets Playbook

Kevin George

Concise Playbook for the Week

Global Markets Playbook

I am an active trader in stocks, FX and commodities with over 15 years' market experience. I hold a master's degree in finance and have developed a strong skill base in technical analysis. 

Alongside technical setups I will provide earnings analysis, company valuation analysis and macroeconomic studies for the key market releases.

<ul>
<li>Apple's stock reached an all-time high ahead of the 2023 Worldwide Developer Conference.</li>
<li>The company unveiled its mixed-reality headset, Apple Vision Pro, which could revolutionize communications and be a game-changer for the metaverse.</li>
<li>McKinsey predicts that the headset could be a $5 trillion opportunity by 2030.</li>
</ul>


Apple's stock reached an all-time high ahead of the 2023 Worldwide Developer Conference.
The company unveiled its mixed-reality headset, Apple Vision Pro, which could revolutionize communications and be a game-changer for the metaverse.
McKinsey predicts that the headset could be a $5 trillion opportunity by 2030.


History Could Repeat For Apple With A Hardware High

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)

Apple Is Worth More Than the FTSE 100

UK institutional investors and regulators have turned the FTSE into a “Jurassic Index”, as Paul Marshall described it, which is dominated by banks,...

ByteTree Asset Management

Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

We spoke with management. Opportunity to acquire a stock with strong fundamentals... Without having to chase a hyped-up share price.

Vincent Fernando, CFA

The S&P 500 Report: Performance, Profitability, Valuation & Key Metrics - Ed #2

The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023

Maverick Equity Research

Artificial Inconsistencies

Artificial Intelligence brings the Beatles back together, and Global Fund Managers are joining the AI boom. But NOT because of superior fundamentals.

Jeroen Blokland

History Could Repeat For Apple With A Hardware High

The company unveiled its mixed-reality headset, Apple Vision Pro, which could revolutionize communications and be a game-changer for the metaverse.

Kevin George

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