Editor's Notes: * New structural themes for 2026 are largely confirmed by the past few days' trading - governance / economic reform continues driving JP bull, HK markets ready for rerating but waiting for more substantial recovery catalysts, SaaS names are hated while Trump policy / AI supply beneficiaries dominate US.
Editor's Notes: * We have seen consecutive days of stock price declines for SaaS names. This is part of a rotation. The deeper reason is likely a consensus forming around the generational profile shift from SaaS to AI apps. My thesis is that if SaaS players adopts AI aggressively,
Editor's Notes: * Rotating Eastward: US stocks are expensive and subject to increasing policy uncertainties; naturally, investors are looking elsewhere. Asia markets already had a very strong 2025, and I expect the China consumption recovery play (e.g. Anta, Nongfu), China AI play, Asia healthcare innovation cycle, Japan revitalization,
Editor's Notes: * As mentioned in the last daily brief newsletter, Revvity saw a 6%+ stock price jump yesterday, due to strong guidance and upward revision for 2025. * There are a few things to like about the current setup - (1) bad news are mostly priced in (China headwind), (2)
* Every market seems to be now dominated by policies and politics. I learnt from my 20 year career that policies are extremely difficult to predict, esp. in China and now US under Trump. For short-term investments, these policy-driven waves may be great profit making opportunities. For long-term
Investment
Editor's Notes: * As investors start to reassess US risks and AI-related debates continuing, I expect to see more volatility for US stocks this year. * China stocks are back on my watchlist, as there is an increasing chance of consumption stabilization and a clear sign of sentiment recovery
Editor's Notes: * Below is a synthesis from 86 episodes of podcasts over the last 7 days. * New geopolitical order (or Trump) and AI dominate discussions. * Risk is rising - for regional conflicts, central bank politically-driven errors, tariff uncertainties, speed / magnitude of AI impact on job markets and populist
Editor's Notes: * Early January is quieter in terms of earnings. This past week, we saw a few Japanese and US consumers companies confirming interesting consumer trends - value ranked above convenience (decline of convenience stores) in Japan, legacy super stores revitalized after reforms, China weakness, and US K-shape
Editor’s Notes * A quick follow-up to our earlier work on Komatsu. A few days ago we laid out a profile on Komatsu itself. Today’s exercise is stepping one layer out and listening to what its competitors and suppliers are telling us. In my experience, this kind of
Editor's Notes: * We’re watching AI grow up in real time, and the market is finally paying for the “picks and shovels.” The conversation is shifting from chips to the grid, and Meta’s 20-year nuclear deals are the cleanest signal yet that power is the next
Investment
Editor’s Notes * My read this morning: the market still wants to own AI, but the psychology is shifting. You can feel the skepticism creeping in, especially around the “AI debt bubble” talk and the sense that we’re paying premium multiples for stories that haven’t fully shown up
Investment
Editor's Notes: * Akeso recently saw a big price jump due to a significant label update in China for one of its flagship products. Its robust R&D track record (impressive breakthrough with efficacy outperforming Merck's $30B blockbuster + inclusion of all 5 self-developed drugs in