Founder, Market Thinker

Mark Tinker

Founder

Market Thinker

Mark Tinker has over 35 years experience as an investor, market strategist and economist. Having spent more than 20 years as a sell side strategist and being top rated on numerous occasions and surveys he moved to investment management in 2006 to run global equity portfolios in London and subsequently moved to Hong Kong in 2013 to help establish an Investment Management business for a top 20 international asset manager. He first started writing investment weeklies for his employers in 1989, developing a style characterised under the title Market Thinking and has been a regular commentator and presenter on CNBC, Bloomberg and other business channels, where his approach of rationalising market behaviour rather than making short term predictions on high frequency market data provides a welcome balance to his client audience.

Making Sense of the Narrative

Macroeconomics

<ul><li>The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.</li><li>Hundreds of billions of dollars tracking style or factor benchmarks like ‘Value’ were actually long Micron, Sandisk and Google and then flipped them out at end June, replacing them with what were previously called growth stocks like Microsoft and Apple.</li><li>Meanwhile, growth benchmarks that were long Microsoft and Apple, now have Micron and Google.</li></ul>

The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.Hundreds of billions of dollars tracking style or factor benchmarks like ‘Value’ were actually long Micron, Sandisk and Google and then flipped them out at end June, replacing them with what were previously called growth stocks like Microsoft and Apple.Meanwhile, growth benchmarks that were long Microsoft and Apple, now have Micron and Google.

Were style lags part of the July washout?

Institutional-Grade Analysis, In-depth Insights, Animoca Brands Research

Animoca Brands Research

Institutional-Grade Analysis, In-depth Insights

Animoca Brands Corporation Ltd. is a Hong Kong-based game software company and venture capital company

Thematic (Sector/Industry)

<ul><li>Frontier intelligence converged; price didn't. </li><li>Claude Fable 5 (Intelligence Index 60) and GPT-5.6 Sol (59) sit one point apart at roughly a 3x cost spread per task.</li><li>Five models from three labs now cluster within six points at the top of the leaderboard. </li></ul>

Frontier intelligence converged; price didn't. Claude Fable 5 (Intelligence Index 60) and GPT-5.6 Sol (59) sit one point apart at roughly a 3x cost spread per task.Five models from three labs now cluster within six points at the top of the leaderboard. 

AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Equity Bottom-Up

<ul><li>Broadcom makes the switch chips that let thousands of AI processors work as one machine, whoever made the processors.</li><li>It also designs the custom AI chips that Google, Meta, OpenAI and others are building to rely less on Nvidia.</li><li>So whichever way the biggest buyers turn, the work runs through Broadcom, and the risk sits with a handful of very powerful customers.</li></ul>

Broadcom makes the switch chips that let thousands of AI processors work as one machine, whoever made the processors.It also designs the custom AI chips that Google, Meta, OpenAI and others are building to rely less on Nvidia.So whichever way the biggest buyers turn, the work runs through Broadcom, and the risk sits with a handful of very powerful customers.

Broadcom is paid whether the cloud giants stay with Nvidia or leave

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Travel / In Depth: Gulf states roll out the welcome mat for Chinese tourists as focus shifts from oil</li><li>Hong Kong /: Hong Kong stocks rebound after sharp drop as Trump’s tariff war weighs on markets</li><li>Google /: China launches antitrust probe into Google’s market dominance</li></ul>

Travel / In Depth: Gulf states roll out the welcome mat for Chinese tourists as focus shifts from oilHong Kong /: Hong Kong stocks rebound after sharp drop as Trump’s tariff war weighs on marketsGoogle /: China launches antitrust probe into Google’s market dominance

CX Daily: Gulf States Roll Out the Welcome Mat for Chinese Tourists as Focus Shifts From Oil 

Research from Value Investing, Value Investing

Value Investing

Research from Value Investing

I am a value investor. "Value", as defined in Value Investing, is simply the act of buying something for less than its worth. I treat my equity investment as a loan to the business - where the priority is to get back my principal in full, rather than achieving maximum yield. I consider my equity investment as a slightly higher risk loan extended to the business with slightly more accommodative loan covenants - hence justifying a slightly higher yield. While I identify as a value investor and cover all stocks and macro topics indiscriminately, most of my research will have an ASEAN bent as that’s where I’m geographically located.

<ul><li>The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)</li><li>Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.</li><li>This article is a repeat of that for all the stocks I had written about in 2023.</li></ul>

The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.This article is a repeat of that for all the stocks I had written about in 2023.

Value Investing Substack Portfolio Review | Annual Letter 2023

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Were style lags part of the July washout?

The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.

Mark Tinker

The Agentic Age #01

Frontier intelligence converged; price didn't. Claude Fable 5 (Intelligence Index 60) and GPT-5.6 Sol (59) sit one point apart at roughly a 3x...

Animoca Brands Research

Broadcom is paid whether the cloud giants stay with Nvidia or leave

Broadcom makes the switch chips that let thousands of AI processors work as one machine, whoever made the processors. It also designs the custom...

The Physical Layer

CX Daily: Gulf States Roll Out the Welcome Mat for Chinese Tourists as Focus Shifts From Oil

Travel / In Depth: Gulf states roll out the welcome mat for Chinese tourists as focus shifts from oil Amid a global green push, Middle Eastern...

Caixin Global

Value Investing Substack Portfolio Review | Annual Letter 2023

Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022. This article is a repeat of...

Value Investing

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