Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cam Hui has been professionally involved in the financial markets since 1985 in a variety of roles, both as a quantitative equity portfolio manager and as a sell-side analyst. He graduated with a degree in Computer Science from the University of British Columbia in 1980 and obtained his CFA Charter in 1989.

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>The stock and bond market is in disagreement again. While cyclical industries are in relative uptrends, indicating expansion, the 2s10s yield curve is deeply inverted, indicating recession.</li>
<li>We believe the current equity market expectations of a cyclical recovery is simply unrealistic in light of the Fed’s focus on 2% inflation.</li>
<li>The current situation is highly reminiscent of the double-dip recession of 1980–1982. Investors are advised to be prepared to revise their risk profile as conditions may change later this year.</li>
</ul>


The stock and bond market is in disagreement again. While cyclical industries are in relative uptrends, indicating expansion, the 2s10s yield curve is deeply inverted, indicating recession.
We believe the current equity market expectations of a cyclical recovery is simply unrealistic in light of the Fed’s focus on 2% inflation.
The current situation is highly reminiscent of the double-dip recession of 1980–1982. Investors are advised to be prepared to revise their risk profile as conditions may change later this year.


Double-Dip Recession 1980-1982 = False Dawn 2023?