Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cam Hui has been professionally involved in the financial markets since 1985 in a variety of roles, both as a quantitative equity portfolio manager and as a sell-side analyst. He graduated with a degree in Computer Science from the University of British Columbia in 1980 and obtained his CFA Charter in 1989.

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Thematic (Sector/Industry)

United states / Thematic (Sector/Industry)

The outsized daily swings in the major U.S. equity averages tell the classic story of a bear market. Normal bull markets simply do not experience consecutive multiple daily moves of 2% or more.The market’s panicked price action is highly reminiscent of past panics in 1962, 2002 and 2015. In those cases, the market bounced, and made a lower low several months later. In all cases, stock prices were higher a year later. Our base case scenario calls for an initial low, rally, followed by choppy price action, and a final low in 6-8 months.Our analysis finds that the technical price action of the market is consistent with a bear market. We offered a checklist of events that occur at market bottoms, but we do not know where the market may bottom out. Much depends on the fundamental drivers of the bear market, policy risks from the White House and the Federal Reserve, and how they are ultimately resolved.

The outsized daily swings in the major U.S. equity averages tell the classic story of a bear market. Normal bull markets simply do not experience consecutive multiple daily moves of 2% or more.The market’s panicked price action is highly reminiscent of past panics in 1962, 2002 and 2015. In those cases, the market bounced, and made a lower low several months later. In all cases, stock prices were higher a year later. Our base case scenario calls for an initial low, rally, followed by choppy price action, and a final low in 6-8 months.Our analysis finds that the technical price action of the market is consistent with a bear market. We offered a checklist of events that occur at market bottoms, but we do not know where the market may bottom out. Much depends on the fundamental drivers of the bear market, policy risks from the White House and the Federal Reserve, and how they are ultimately resolved.

How To Spot The Bear Market Bottom