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This article explores the idea that changes in the market implied duration are driven by the Fundamental Evolution. Observable changes in company fundamentals may provide early signals of structural changes in market-implied duration of tech stocks. Duration can be understood as the weighted average arrival time of expected future cash flows, or equivalently, the sensitivity…
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A photon is the smallest unit of light and all other forms of electromagnetic radiation. In quantum mechanics, photons exhibit wave-particle duality, a property observed through double-slit experiment, where photons behave both as particles and as waves. Nature says that quantum objects are neither classical particles nor classical waves, which is fundamentally different from our…
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Are we, as long-term investors, contributing to market predictability? If you’ve ever experienced the Chinese college entrance exam – Gaokao, and attended a boarding school, you’ll know how important a predictable schedule can be. Every day at 7 am, cheerful music plays through every dormitory, echoing down the halls and nudging everyone to wake up.…
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Anthea Xie The AH share premium represents the price difference between A-shares (listed on the Shanghai or Shenzhen stock exchanges) and H-shares (listed in Hong Kong) of dual-listed Chinese companies. Recently, the Hang Seng Stock Connect China AH Premium Index fell to around 130—its lowest level since 2020 and close to the long-term average of…
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Photon Research 