Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Alex Ng is the founder and head of research of the economic and investment research house Fortress Hill Advisors. Prior to founding Fortress Hill Advisors, he worked as an economic research analyst across government, academic, and financial institutes including the Hong Kong Financial Secretary’s Office (Office of the Government Economist), Economic Research Center of the Institute of Asia-Pacific Studies at CUHK, and State Street Global Markets. Alex holds a Master of Arts in Economics degree from Columbia University in the City of New York and a Bachelor of Arts in Economics and Mathematics from Wesleyan University (CT, USA).

Our firm's expertise lies in macroeconomics, global macro,  global thematic research, company and equity research, multi-asset strategy, event driven, and ESG.

We also do proprietary trading on the firm's capital, to try to vindicate our investment thesis. Our flagship publication, Heard from Fortress Hill (HFFH) provides our weekly market observations and is freely available on our website: https://fortresshill-advisors.com/hffh/

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

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Cross Asset Strategy

<ul>
<li>What implications does the recent trend of growth stocks significantly outperforming value stocks have for investors?</li>
<li>The famous economist Eugene Fama's Three-Factor Model mentions that small-cap stocks will outperform large-cap stocks and value stocks will outperform growth stocks in the long run.</li>
<li>However, looking at the performance of the U.S. stock market, in recent years, not only large-cap stocks have significantly outperformed small-cap stocks, but growth stocks have also  outperformed value stocks.</li>
</ul>


What implications does the recent trend of growth stocks significantly outperforming value stocks have for investors?
The famous economist Eugene Fama's Three-Factor Model mentions that small-cap stocks will outperform large-cap stocks and value stocks will outperform growth stocks in the long run.
However, looking at the performance of the U.S. stock market, in recent years, not only large-cap stocks have significantly outperformed small-cap stocks, but growth stocks have also  outperformed value stocks.


A Reversal of Conventional Wisdom: Growth Stocks Outperform Value Stocks