We describe the reversal of some long-term trends in 2022 and reflect on five key themes to watch in 2023
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Following on from November’s newsletter, we present our observations on China’s potential economic liftoff and return to normalcy in 2023
The case for optimism in China as five key negatives that have plagued markets show signs of receding
Underappreciated Indonesian consumer staples leader, Indofood CBP, poised to see upside from acquisitions, scale efficiencies and group synergies
The multidecadal strength of the USD vis-à-vis the Euro and the JYP is creating interesting investment opportunities
The overvalued Indian equities market is starting to show some disappointing reported earnings and thus faces downgrade risks
We keep faith in a longer-term commodity bull market thesis while repositioning for advantage as the correction plays out
Value destruction by “storied stocks” that are created during market booms reminds investors of the importance of profitability
As liquidity recedes and rates rise, the party ends for a generation of investors. We position for real value creation
Tightening liquidity paradigm could lead to a secular re-rating of the Consumer Staples sector that has been spurned by investors