Seeking Alpha
View as an RSS Feed

Cam Hui, CFA  

View Cam Hui, CFA's Comments BY TICKER:
Latest comments  |  Highest rated
  • How I Learned To Stop Worrying And Love The Missing CapEx [View article]
    1) This article was an attempt to explain the anemic CapEx record since the Great Recession began, not just today. Why was CapEx so anemic when oil prices were high a year ago?

    2) Going forward, CapEx will be slow in the Energy sector. However, other sectors should benefit from lower input costs as energy and commodity prices fall, similarly with sectors exposed to consumer spending, which should eventually rise. Shouldn't CapEx rise in non-Energy sectors?
    Apr 29, 2015. 09:29 AM | Likes Like |Link to Comment
  • Why China Won't Devalue And Start A Currency War [View article]
    Q: In the wake of the Lehman Crisis, the US faced a cratering economy, shaky financial system and immense budget deficits. The "obvious" solution was to cut spending. It could have, for example, pulled back from its military commitments in Iraq, Afghanistan and a lot of places around the world, as well as many expensive development programs like the troubled F-35. Why didn't Washington cut the military?

    A: It had other priorities. Just as China has other priorities today, despite its weakening economy.
    Mar 31, 2015. 05:16 PM | 5 Likes Like |Link to Comment
  • Cheap Or Expensive? The One Thing About Equity Valuation That Few Talk About [View article]
    Yes. That was a typo. I did mean that.
    Mar 18, 2015. 11:34 AM | 2 Likes Like |Link to Comment
  • Good News And Bad News On The Commodity Downturn [View article]
    Yes, that was until the investment management industry discovered the roll costs of holding commodity futures.
    Feb 3, 2015. 11:21 AM | 1 Like Like |Link to Comment
  • When Fundamentals And Technicals Clash [View article]
    Remember the dynamics of the P/E ratio. If rates rise, it would change the discount rate, or E/P. On the other hand, rates are likely rising because of stronger growth, hence E could be growing faster.

    It is unclear how those two dynamics play out. In most cases, E is growing fast enough that rising interest rates don't affect stock prices, that's why the first few Fed rate hikes generally don't derail a bull market. Eventually, though, stock prices fall because the rising rate effect overwhelm the growth effect.
    Aug 18, 2014. 09:08 PM | 1 Like Like |Link to Comment
  • Trend Model Report Card: July 2014 [View article]
    I try to post real-time updates either on the blog or on Twitter. However, I can't guarantee that SA will pick them up.
    Aug 5, 2014. 10:50 PM | Likes Like |Link to Comment
  • Apocalypse Later [View article]
    See my recent articles:

    "Correction interrupted"
    http://seekingalpha.co...

    "How stocks are both cheap AND expensive"
    http://seekingalpha.co...
    Jun 16, 2014. 11:15 AM | 3 Likes Like |Link to Comment
  • Time To Override The Trend Model? [View article]
    Sorry, my mistake. You are correct.
    Jun 13, 2014. 12:16 PM | Likes Like |Link to Comment
  • Investment Management: Beyond 'He's A Terrific Stock Picker!' [View article]
    If you want to do it yourself, you are free to do so. See my other comment above about getting casino-like results.
    May 29, 2014. 11:44 AM | 2 Likes Like |Link to Comment
  • Investment Management: Beyond 'He's A Terrific Stock Picker!' [View article]
    You are treating the stock market like a casino. If you treat it that way, you will get casino-like results with your portfolio.

    A manager should be able to tell you the kinds of risk and return you can expect with different portfolios. Good managers then deliver on those promises.
    May 29, 2014. 11:43 AM | 2 Likes Like |Link to Comment
  • Measuring Market Expectations On China [View article]
    Just to clarify - the graph is correct, just the ticker in the text is wrong.
    May 25, 2014. 04:37 PM | 1 Like Like |Link to Comment
  • Measuring Market Expectations On China [View article]
    Yes. Typo
    May 25, 2014. 01:05 PM | 1 Like Like |Link to Comment
  • A Funds-Flow Reason For Equity Market Weakness [View article]
    I agree with you 100%. I think that the writer was overly focused on the momentum names. Nevertheless, if institutions are re-balancing away from equities, then mainstream indices like the S&P 500 should correct.
    May 9, 2014. 09:21 AM | 2 Likes Like |Link to Comment
  • More Evidence Of A Low-Return Equity Outlook [View article]
    I have analyzed Market cap to GDP as a proxy of Price to Sales and found valuations elevated. The disadvantage to that approach is that net margins are very high (P/E = P/(Sales X Net margin). So the question then revolves around whether net margins are likely to stay at these levels.

    Further analysis of margins show that while net margins are stratospheric, EBIT margins are only elevated and not at nosebleed levels. Net margins are high because 1) Tax rates are low because multi-nationals have moved their profits offshore (think Apple) and 2) Interest rate expenses are low.

    So that's why the analysis of P/B, P/E and dividend yield is useful for putting the current equity valuation levels into context.
    May 1, 2014. 09:22 AM | 3 Likes Like |Link to Comment
  • Should You Sell In May? [View article]
    Do you use daily, weekly or monthly MACD as a filter? The article was unclear on that point.
    Apr 28, 2014. 05:28 PM | 1 Like Like |Link to Comment
COMMENTS STATS
118 Comments
140 Likes