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)

It has been 10 years since the Lehman bankruptcy, which became the trigger for the Great Financial Crisis (GFC). The financial press has been full of retrospective stories of what happened and discussions from key players.
The GFC was an enormous shock to investor confidence. Ever since that event, many investors have been living with the fear of another tail-risk shock to their portfolios, and they have searched for warning signs that another financial crisis is around the corner.
We find that the performance of the KBW Bank Index (BKX) relative to the market is a good real-time indicator of financial stress. In the past, technical breakdowns of relative performance have foreshadowed major market tops. There was, however, one false positive in late 2015/early 2016. In addition, we found that the Treasury yield curve also tracks the relative performance of bank and financial stocks well and that also provides an additional indicator of upcoming financial stress.
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/064/077/original/BKX%20vs%20SPX.png?1537194540" class="editor-image img-responsive" data-smartkarma-image-id="64077"></figure>

It has been 10 years since the Lehman bankruptcy, which became the trigger for the Great Financial Crisis (GFC). The financial press has been full of retrospective stories of what happened and discussions from key players.
The GFC was an enormous shock to investor confidence. Ever since that event, many investors have been living with the fear of another tail-risk shock to their portfolios, and they have searched for warning signs that another financial crisis is around the corner.
We find that the performance of the KBW Bank Index (BKX) relative to the market is a good real-time indicator of financial stress. In the past, technical breakdowns of relative performance have foreshadowed major market tops. There was, however, one false positive in late 2015/early 2016. In addition, we found that the Treasury yield curve also tracks the relative performance of bank and financial stocks well and that also provides an additional indicator of upcoming financial stress.


リーマン危機の再来の兆候をどう見極めるか