Showing 1 - 10 of 26
Private equity: turning volatility into opportunity
Business, Kean Tan, Published on 16/09/2025
» Public markets are shrinking. The number of listed companies in the United States, for example, has declined by approximately 40% since the late 1990s. At the same time, companies are remaining private for longer, with the average time to an initial public offering (IPO) now exceeding 10 years.
The trade war that did not happen
Business, Kean Tan, Published on 21/08/2025
» Since US President Donald Trump declared "Liberation Day" on April 2, we have come a long way, gaining some understanding of the current trade negotiation dynamics.
To go far, go EV
Business, Kean Tan, Published on 25/07/2025
» At the time of writing, the S&P 500 Index is trading at a fresh all-time-high, up 6.3% for the year to date after being down almost 18% at one point in early April. The 10-year US Treasury yield is around 4.3%, up from levels slightly below 4% in early April.
Mid-year outlook: Investing in a multi-polar world
Business, Kean Tan, Published on 19/06/2025
» May saw the best return for the S&P 500 index since November 2023, which is remarkable given that it coincided with a rise in long-term US Treasury yields. In fact, the yield on both 10- and 30-year Treasuries rose by almost 30 basis points in May, ending the month at 4.4% and 4.9%, respectively.
Tarrified: A bear market guide
Business, Kean Tan, Published on 14/05/2025
» The market moves that followed Donald Trump's "Liberation Day" tariff announcements were quick and sharp, leaving many investors reeling in its aftermath. This illustrates how difficult -- even impossible -- it is to anticipate the direction of travel on any given day.
US no longer the only game in town
Business, Kean Tan, Published on 09/04/2025
» Market developments in the first quarter this year have been quite unexpected, to say the least. At the beginning of the year, we highlighted the universal consensus in support of US exceptionalism. The market viewed the supremacy of US assets as unassailable in the context of an artificial intelligence (AI) future dominated by a few US information technology hyperscalers.
Private infrastructure: building tomorrow
Business, Kean Tan, Published on 25/03/2025
» Equity markets began the month of March on a weak footing as concerns over a potential economic slowdown in the United States intensified. Investor sentiment deteriorated further following an interview with President Donald Trump, in which he downplayed the recent market correction and refrained from ruling out a recession. Instead, he characterised the economy as undergoing a "transition period" that would require time before his policies yield tangible benefits.
Tariffs and the AI 'Sputnik moment'
Business, Kean Tan, Published on 26/02/2025
» In 1957, the Soviet Union launched Sputnik 1, the world's first artificial satellite, into space orbit. The man-made craft sent a radio signal back to Earth for three weeks before its batteries depleted. It subsequently fell back into the atmosphere after three months, having circled Earth more than 1,400 times.
Unwrapping 2025 for investors
Business, Kean Tan, Published on 15/01/2025
» If the post-Covid-19 years were about tensions building up on all fronts, 2025 is set to be about striking deals to release pressure and move things forward.
Wrapping up 2024 in global markets
Business, Kean Tan, Published on 26/12/2024
» Stock markets have moved into year-end mode: position tweaking, window dressing and final assessments take centre stage as liquidity has gradually evaporated. With the release of Nvidia's results last month, the markets have successfully cleared the last endogenous hurdle of the year. November has thus resolved the last two known unknowns before the end of 2024: the new US president and the state of the artificial intelligence investment cycle.