Asset Allocation

Overall Outlook on Crude Oil Prices and Major Asset Classes Next, let’s discuss the overall outlook for oil, coal, fertilizers, agriculture, and other metals. Key Assessment of Crude Oil Prices First and foremost, while we remain bullish on oil, coal, fertilizers, agriculture, and other metals in the long term, this does not mean I believe oil can remain stable above $300 for an extended period. At this stage, the best approach is to wait until the Strait of Hormuz reopens and crude oil prices pull back before adding to your oil positions. At current levels, adding to your oil positions carries relatively high risk, so it’s advisable to wait a little longer. ...

A Series of Analytical Frameworks on the Performance of Major Asset Classes During a Rate-Cutting Cycle With the Federal Reserve officially launching its rate-cutting cycle in October 2025, global major asset classes are set to enter a new pricing cycle. This series of analyses will cover five major asset classes: gold, silver, A-shares, U.S. stocks, and commodities. As the first installment in the series, this article focuses on the macro investment logic behind gold. ...

Assessing Long-Term Trends in Major Asset Classes We are bullish on three core asset classes over the long term: A-shares, gold, and commodities. It is important to note that this refers specifically to long-term trends, not short-term trading advice. The core premise of investing is to distinguish between long-term and short-term logic, as the investment strategies differ entirely. U.S. stocks are currently overvalued and will only offer long-term investment value after a deep correction brings them back into a healthy valuation range. ...