Learning that drives better investment decisions

2019 Investing Resolutions

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In our Top 5 this week, we reveal learned wisdom from the stock market last year, run through the 2018 Factor Olympics, and check out investing resolutions for 2019. All this and more…

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Good Growth at Korean Air Lines

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Korean Air Lines Company Limited is the flagship carrier for South Korea and is the largest in the country based on fleet size and number of international destinations. Profitable Growth performance was among the worst until 2016.

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In Asia, China Is Least Correlated to the US Market

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Chart of the Day: We’ve looked at the correlation with the US market during the two major crises. China has been uncorrelated, a possible explanation is the Chinese regulation not allowing foreign access to its stock markets.

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Debt Burden Is Heaviest for the Gov’t in the US—but Not in China

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Chart of the Day: China and US have more or less the same level of debt to GDP. In China, corporates have the highest burden while in the US the heaviest burden lies on the government.

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Great Improvement at One of the Philippines’ Largest Power Producers

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First Gen Corporation is one of the Philippines’ largest electricity generators. The company currently has a capacity of 3,490MW which accounts for 15% of the Philippines’ domestic output. In the past 12 months, FGEN ranked among the top 124 out of 310 large Utilities companies worldwide.

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Balance the Risk Equilibrium

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In our Top 5 this week, we consider the problem with repetition, look at balancing clients’ risk tolerance levels, and examine the flaws in our perception of risk. All this and more…

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Peaking US Net Margin and the Hidden Effect of Fed’s Policy

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Chart of the Day: US net margin has recorded its highest peak since 1990. While net margin has been on the rise, efficiency has fallen. Fed’s policy of low interest rates has led to malinvestments, reducing efficiency.

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EV/EBITDA Has Only Been Higher in the US Before the Dot-Com Bubble Burst

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Chart of the Day: The US market has traded in cheaper EV/EBITDA ranges 87% of the past 336 months. Historically, EV/EBITDA at this high level has led to negative subsequent returns on average.

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Serving the Global Container Shipping Industry

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International Container Terminal Services, Inc. is an international operator of common user container terminals and serves the global container shipping industry. Profitable Growth has fluctuated below the average level since 2015.

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Average Financial Performance at PetroChina Subsidiary Kunlun Energy

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Kunlun Energy Limited is a Hong Kong-listed subsidiary of PetroChina (857 HK), the largest oil and gas producer in China and one of the biggest globally. Profitable Growth has been mostly average, ranked at either #5 or #6 throughout the years.

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