6:00am: Another day began and I engaged in my customary early morning meditation program.
7:00am: The financial world persisted beyond yesterday’s horizon. Checked out a dozen of my favorite charts. The bullish market action so far this year has probably surprised the gloom and doomers always looking for another crash.
8:00am: Is the worst over for China? The February surge in Chinese stocks can be credited to several factors, including coordinated measures to stabilize the market, a more robust recovery in Chinese New Year spending than expected, and positive credit data. After being the weakest performer in January, Chinese stocks experienced a remarkable turnaround, becoming the top performer in February.

After a tough 2023, my partner believed that we may have reached the nadir of political and economic cycles in January and fund flows into the market in February suggest that we are turning the corner. In February we saw fund flows reversed, with net inflows into both onshore and offshore markets.
More importantly, President Xi Jinping’s comment to boost consumption upgrades during the central financial and economic meeting in late February has fuelled expectations that consumption related policies could be the next priority for the central government in their efforts to help drive growth.
8:45am: Financial journalists are just doing their jobs to sell subscriptions. They’re not investors and they don’t really care about your profit or loss. The best way to do that is to write about what attracts attention. Certain mainstream articles out there should be interpreted as contrarian signals.
9:15am: While having a healthy breakfast, picked up an interesting news article on gold. The gold metal launched to fresh all-time highs last week. Investors’ interest in the precious metal finally returned, with the latest Comex data showing money managers adding fresh long positions, reflecting bullish sentiment in the gold market.

The yellow metal has also been supported by strong central bank buying, particularly by China. Last month, China’s central bank added gold to its reserves for a 16th straight month. Is gold’s thrust telling us something about where the global economy may head in the months ahead? My exposure to gold is through an ETF which has a 0.4% annual expense ratio.
9:30am: There is room for bulls and bears but pigs get slaughtered. In a short meeting with a new partner, I shared with her the importance of selecting clients wisely and avoiding emotional investors. Dealing with emotional investors can indeed be challenging because their decisions may be driven by fear, greed, or other emotions, which can lead to volatility and potentially detrimental outcomes for both parties involved.
By being selective about the clients she works with and focusing on those who align with her preferred approach and mindset, she can create a more stable and mutually beneficial working relationship.
10:15am: Grabbed a call from a client (again) who asked about the local currency outlook. I’m really exhausted with that query. I advised him to refrain from worrying too much about the local currency and to disregard his banker’s advice, which is driven by the banker’s own self-interest.

10:30am: Higher forever? Clients across the globe are talking about “the need for crypto,” said Larry Fink, CEO of asset management giant BlackRock. The newly launched US spot bitcoin ETFs have acquired over five times the new Bitcoin supply since their launch on January 10, and over ten times the new supply in the final week of February.
A significant debate arose regarding cryptocurrencies in a long meeting with several partners. Markets don’t go straight up, and neither should your expectations. However, the long-term case for the digital asset sector is stronger than ever.
12:15pm: Back to the trading screens and found nothing that would wake me up in the middle of the night. I know some fund managers on my radar are once again embracing the “wait-and-see” approach waiting for a clearer insight into the timing of the Fed’s first interest rate cut. “Watch what the Fed does rather than what it says.”
1:22pm: Sent out the most recent performance figures for some positions reserved for those with a higher risk appetite to several partners. I couldn’t accomplish this task sooner due to a delay in receiving certain numbers from the dealing team. I suppose there’s no harm in staying stubborn.

2:00pm: I’m certainly more bullish than some of the famous Wall Street’s bears. Is the Magnificent 7 overvalued? Is the ground shifting in Japan? Is the US dollar going to tank? Wrote to some global partners to get their latest views on their funds and markets. Regular communication with fund managers is important to ensure continuing profitable investment outcomes.
2:30pm: Without naming him, the colorful and controversial prognosticator is back with his grim outlook for the stock market. Everyone is entitled to his or her own opinion and this gentlemen has long been seen as a prophet of gloom and doom.
Sometimes I agree with him. Other times, I think he’s out of his mind. I told a client to ignore his latest gloomy prediction. His latest forecast is a good reminder of why disagreement makes a market. So, can we profit when the market goes up and when it goes down?
3:15pm: Was tracking the performance of a basket of alternative investments which have continued to perform well within my expectations. They have the ability to capture upside with limited or no downside. As the age-old adage suggests, slow and steady wins the race. While tempting trends may emerge, such as soaring Artificial Intelligence (AI) stocks, it’s crucial not to overlook the power of compounding returns.
4:00pm: I agree with him not because he is a billionaire. Billionaire investor Ray Dalio who is also a meditator believes the US stock market is not in a speculative bubble. The founder of Bridgewater, one of the world’s largest hedge funds, analyzed the market based on his bubble criteria, which includes valuation, sentiment, new buyers and unsustainable conditions.
“When I look at the US stock market using these criteria, and even some of the parts that have rallied the most and gotten media attention doesn’t look very bubbly,” he said in a new LinkedIn post.

4:30pm: “What the hell is happening?” A nervous client texted me about the possibility of Trump returning to the White House. I begged him not to lose his mind over Trump’s legendary skills as a storyteller (to put it politely). Stay invested and I don’t care who wins the election. History predicts US stocks will most likely end the year positive, whoever wins. That’s not to say the markets won’t have a bumpy ride.
4:50pm: I replied to a client in a short message that while global hotspots (geopolitical tension) often dominate headlines, investors must maintain a balanced perspective to avoid overlooking potentially robust performance in markets on our radar.
5:00pm: I paused to engage in my regular meditation practice.
6:15pm: So, you aspire to be wealthy? According to a report by Knight Frank that crossed my desk, it requires USD5.8 million in wealth to be considered part of the “1%” in the US, marking a rise of over 15% from just a year ago. Notably, only Monaco (USD12.9 million), Luxembourg (USD10.8 million), and Switzerland (USD8.5 million) have higher entry barriers. I told my team of partners to work harder or can anyone tell me how to increase my chances of striking a lottery?
6:40pm: Done checking a long list of emails. Okay, terrific. Vowed not to work from home after dinner. Oh really? Such is the price of working in our show business driven by the ups and downs in markets.