Sue Keenan, a late night commentator on Bloomberg TV, compared the drop in crypto to the recent stock market selloff - implying they were somehow related and both expected to behave in similar fashion. That doesn’t make sense to me. Isn’t Bitcoin supposed to be a currency with a stable value? Whereas stock markets are expected to move up and down reflecting the health and profitability of businesses at different times in the business cycle. One is a currency. The other is assuredly not.
I don’t pay much attention to Bitcoin, but did come across a good article today in the WSJ. Sounds like
it lost about half its value in short order. Ouch!

Some cryptocurrencies are intended to be 'stable' as in 'stablecoins' -- things like GUSD and others that are 1:1 pegged to a dollar and are always worth $1 and/or might fluctuate by a thousandth of a cent either way. By contrast, BTC is not pegged to anything and moves like anything else you might trade --- eg stocks or futures, so its value fluctuates and can fluctuate wildly. And don't get me started on the 'algorithmicly-pegged' (read: VERY FUNNY MONEY) cryptocurrencies masquerading as stablecoins ... those indeed are vaporware-based weapons of financial destruction as we're seeing with the TerraUSD/Luna s**tstorm this week.
If I was bored, I'd consider trading Bitcoin/BTC versus playing with forex. But I'm not bored, so I don't.

Inflation report at 8:30. Some traders are trying to anticipate how that might affect Fed policy going forward (and therefore stocks).
Currently Dow futures +1%. Gold up 0.50% in pre market. Silver up nearly 1.50%.

Schwab's Liz Ann Sonders has posted a chart of the correlation between Bitcoin and SP500 on Twitter. My guess is that the correlation is even higher for Nasdaq Comp. So, whether one has Bitcoin/cryptos or not, it is worthwhile keeping an eye on them - that is speculation supreme and that is what is disappearing from the market lately. https://twitter.com/LizAnnSonders/status/1523977333971034115/photo/1

"Cathie Wood shocks the market after dumping $12.7 million of Tesla stock to snap up some in General Motors".
Amazing she still making headlines. What is her supposed skillset again?
Oh yeah, she can make money disappear.

I have previously linked this Rekenthaler article in a discussion about why EM returns have been so anemic.
https://www.morningstar.com/articles/1078810/whatever-happened-to-emerging-markets-stock-funds
The problem is not Matthews (for Asia exposure, via OEF or ETF) or TRP for its several regional EM funds, but it is that wealth created in many of those markets has not been shared with investors. I guess they call that a structural problem. Even Chile, whose former economy was designed by U of Chicago economists, failed to reward foreign investors over the long haul. I tried investing in LA CEFs, to my chagrin. It wasn’t long ago when Chinese internet stocks populated every hot international and global growth fund. To my knowledge, it wasn’t the failure of the fund managers that led to that sector’s demise, but it was unadulterated authoritarian market intervention that caused those stocks to tank. Come to think of it, I have not felt any irrational exuberance for EMs in quite some time. I may not be cured of that malady, but I’ll take remission as a satisfactory outcome.

Added to OPGSX which appears to have gone nowhere in a year. Opened small spec position in GLTR which invests an a mix of precious metals. Had a buy order in on DKNG AT $10, but it rebounded after touching about $10.40. Did buy a bit at $11 yesterday. (currently $11.36)
I like the action in gold having followed it closely for a few years. Near the bottom of a trading range it’s been in for a year or two. Several macro developments may help - including the recent decline in Bitcoin

I don't know. But CME May 2022 Bitcoin contract high was $60,093 on 11/29/21 & low overnight was $29,700. That is 50%+ retracement & then a strong bounce. Worth keeping an eye on the bounce and any low-retest. https://www.cmegroup.com/

Good points -- though I was referring more to the equities bounce. TBH I don't regularly follow crypto since I don't trade it.

I don't know. But CME May 2022 Bitcoin contract high was $60,093 on 11/29/21 & low overnight was $29,700. That is 50%+ retracement & then a strong bounce. Worth keeping an eye on the bounce and any low-retest. https://www.cmegroup.com/

Yesterday Bitcoin dipped momentarily below $30,000 but have rebounded off that low this morning. COIN is following a similar pattern but may be 2x volatility. This is a good sign because the stocks, especially Nasdaq Comp, are correlated with cryptos. The US pre-markets are also showing modest bounce too. But this is just 1 day.

The bounces have not been sustained in recent weeks. So I don't trust today's mild bounce, either.

Yesterday Bitcoin dipped momentarily below $30,000 but have rebounded off that low this morning. COIN is following a similar pattern but may be 2x volatility. This is a good sign because the stocks, especially Nasdaq Comp, are correlated with cryptos. The US pre-markets are also showing modest bounce too. But this is just 1 day.

https://www.schwab.com/resource-center/insights/content/recession-china?cmp=em-QYD
Maybe more uptrends from here???
Hard to see them lock down their massive economy for another 1 3 months...
Will add more to $VWO MATHEWSCHINA...maybe preparing for anticipated rebounds??!!

I've owned Matthews funds (MAPIX, MAPTX) previously and believed Matthews was an estimable firm.
Lydia So and Rahul Gupta left the firm in April 2020.
Tiffany Hsiao, YuanYuan Ji, and Beini Zhou left August 31, 2020.
These PM departures occurred within a short timeframe which really concerned me.
I no longer have a high regard for Matthews because of this and mediocre overall performance in recent years.
@ProtonAnalyst33,
I was not aware that a private equity firm has an ownership stake in Matthews.
Do you know when this PE firm initiated its stake?

Mr. Grant's outlook has generally been somewhat pessimistic over the years.
He currently contends that he is not being pessimistic.
Ptak: "So, maybe turning back to portfolio strategy, if you will, given the fact that it sounds like you're a bit pessimistic on the 60/40."
Grant: "I wouldn't say pessimistic. I'm trying to be clear sighted. People who are optimistic, because they're wrong are no more helpful than those of us who are pessimistic and wrong."

Hah, i read this. Pessimistic people never think they are pessimistic.

I've invested with Matthews for decades, but redeemed in the last 5 years as they have lost a lot of key young PMs and next generation management, and investment performance has become mediocre at best (related, the CEO change is long overdue).
I saw their ETF announcements but was left underwhelmed.
1) The china strategy managed by andrew mattock is the most benchmark-aware strategy in matthews lineup. The fund only has an active share of 50-60%. So this looks very much like an index fund, but with a much higher expense ratio and performance is middle of the pack.
2) Asia Innovators used to be called the Asia Science and Tech fund...irrespective of the name change, the PM Michael Oh is the same and the strategy is still...largely an Asia ex Japan tech fund. They are obviously trying to take market share from Kraneshares and KWEB which is one of the biggest Asia ETFs in existence. So not shocked an ETF version is launching.
3. Matthews Emerging Markets strategy has been around for almost 3 years, but the track record is pretty mediocre and assets have remained very small. Not surprising since Matthews has not hired any real emerging markets staff since launch. I questioned if Matthews was really committed to becoming a true EM manager when they first launched this fund....I am still skeptical. ETF launch doesn't mean anything to me with that performance!
My big question: Where are the flagship strategies? Pacific Tiger, Asia dividend are noticably absent from the ETF launch. Not even Japan equity? The absence of these major strategies makes me think this is not a move to try and help investors.
I am of the same mindset as Crash. Matthews has lost its mojo and I've stayed away. They used to be the pinnacle of active management but now their flagship fund Pacific Tiger can't even beat the index! When you see so many young, next gen staff leave for other firms ---> huge red flag that indicates its time to move on. Also, I've heard from people internally that a private equity firm is a part owner and has been trying to cut costs to "beautify" the firm for sale, which hasn't helped with moral.

TRBCX (TPLGX) are mentioned at MOFO as a potential buy. M* fund analysis says that the fund's long term manager retired and a new manager took over in October 2021, and that the new manager previously managed only $7B (compared to the asset base in this strategy $160B).
The fund has lost 35% in total return since its recent high on November 16, 2021. M* charts show $10K invested 3 years ago in QQQ and TRBCX would result in a balance of $17K and $12K, respectively. TRBCX balance is the same as it was pre-Covid (February 19-20, 2020) (i.e., gave up all the gains since beginning of Covid).
Is the PM change a concern, as in, does he need more time to prove himself?
Is the large asset base a concern?
Edit: the fund’s P/E ratio is 31 as of 3/31/2022. At a time when the market seems to have low tolerance for high P/Es, is the high P/E ratio of its constituents ( and thus of the fund) a concern?
P.S.: the fund is open to new investors.

A look at some multi-asset and moderate-allocation funds YTD (charts may default to 1 yr; max 5 tickers per chart).
Multi-Asset, YTD
VPGDX -8.44% (it had 9 lives but hopefully in final form now; a recent addition for me)
BAICX -9.94%
FMSDX -12.12% (a favorite)
Moderate-Allocation, YTD
JABAX -15.41%
FBALX -15.10%
VWELX -14.41% (bad timing to tilt to growth)
VBINX -14.10% (sort of MA index)
PRWCX -12.12%
BALFX -11.15%
DODBX -7.67% (beginner's luck with shorting? otherwise, among the most aggressive)
It seems that moderate-allocation funds with growth tilt have decline more.
Multi-asset & moderate-allocation https://stockcharts.com/h-perf/ui?s=FMSDX&compare=VPGDX,BAICX,VWELX,PRWCX&id=p34103650330
Moderate-allocation https://stockcharts.com/h-perf/ui?s=BALFX&compare=DODBX,FBALX,JABAX,VBINX&id=p03435143469

Tech stocks are coming under selling pressure as QQQ was downed 4% today! Then oil and energy are down more than 4% too as China’s zero tolerance policy is taken place in several large cities. In the meanwhile, Taiwan is taking on a new approach - focus on the older demographic and vaccination.
https://time.com/6174132/taiwan-covid-strategy/

Looks like we have crossed the 15% loss mark for diversified portfolios ytd as of this morning.

Sign!

+1

Then there's this...
https://www.cnbc.com/2022/05/09/what-is-terrausd-ust-and-how-does-it-affect-bitcoin.html
https://www.fastcompany.com/90750443/as-crypto-crashes-terra-usd-wobbles-shaking-the-foundations-of-algorithmic-stablecoins?partner=rss
NB: 'algorthmic' stablecoins like this are worse than playing with fire, imho -- and should NEVER become a 'reserve' currency considered a 'stablecoin'. At least the stablecoin I hold, GUSD, is backed 1:1 with (monthly) audited dollars held at banks like State Street, isn't 'algorithmic' funny money. and the exchange (Gemini) is transparently regulated by NYS and others.
Edit: Tonight I closed out a mid-5-figures position in GUSD that was being lent out to institutions at 6.9%. Reason? Not sure if Genesis (the lender that Gemini works with for its Earn program) is lending to any of the institutions involved w/the TerraUSD fiasco, which could snowball rapidly. Once things settle, I'll move the $$ back into Earn, but ... better safe than sorry. Return OF capital is more important right now than return OF capital, especially when it's being loaned out.
"If you're the first one out the door, that's not panic."
- Dick Tuld, from 'Margin Call'