01
Global Macro
Interest rates, inflation, liquidity and the policy cycle — read as the weather system every position lives inside.
- Rates & policy
- Growth vs. inflation
- Cross-asset liquidity
Chief Analyst — NEA GroupUnited States
BambangWirayuda
Investment research across U.S. equities, global macro and the technology cycle.
Twenty-five years of reading markets: fundamental discipline, independent judgement, and capital protection first.
A mature investor does not only know how to find opportunity — they know how to protect capital.
25+ years01 / 04
0+
Years in U.S. markets
000
Research mandates
000
Research layers
000
Continents — Indonesia & U.S.
Research Dimensions
Four layers of one decision.
No single indicator makes a thesis. The layers are read together — and the disagreement between them is usually where the useful information sits.
Macro → Technology → Fundamentals → Risk
02
Technology & AI
Where capital expenditure is actually landing, which business models convert it into durable cash flow, and what the cycle still owes investors.
- AI infrastructure
- Software economics
- Adoption curves
03
Equity Fundamentals
Balance sheet first, narrative second. Earnings quality, free cash conversion and returns on capital decide what a business is worth.
- Earnings quality
- Cash conversion
- Valuation range
04
Portfolio & Risk
Position sizing is the quietest and most important decision in the process. Exposure is earned, never assumed.
- Position sizing
- Drawdown control
- Capital allocation
Three Pillars
Fundamentals, context, and the courage to size small.
Each pillar answers a different question. A position only earns capital when all three answers agree — or when the disagreement is explicitly priced.
I
Fundamental
What the business is worth
Financial statements, unit economics and competitive position. A price is only interesting relative to a defensible estimate of value.
II
Technical
What the market is doing
Trend, breadth and positioning are used as context — never as a substitute for understanding the underlying business.
III
Risk
What could go wrong
Scenario analysis, correlation and liquidity are considered before size is added. Surviving the cycle comes before outperforming it.
Investment Philosophy
Discipline is the strategy.
Investing is a long-term undertaking that requires professional knowledge, patience and discipline. I combine fundamental and technical analysis, insist on independent judgement, and refuse to chase the crowd.
Position management, risk control and capital allocation are not constraints on a good idea — they are what allow it to survive long enough to work.
A mature investor does not only know how to find opportunity; they know how to protect capital, and how to stay rational in every kind of market.
Bambang Wirayuda
Chief Analyst, NEA Group
Markets
Where the research is applied.
Three overlapping territories: the American equity market, the macro regime that sets the price of risk, and the technology cycle that keeps redefining both.
USEquities
The American market
Twenty-five years inside the world's deepest equity market: index structure, sector rotation and investor behaviour through repeated cycles.
- Large-cap leadership
- Sector rotation
- Earnings cycles
MACROCross-asset
Macro & liquidity
Rates, the dollar, credit conditions and policy expectations — the frame that decides which risks are worth being paid for.
- Rate path
- Liquidity regime
- Regime shifts
TECHGrowth
Technology & semiconductors
A dedicated focus on the technology cycle, from AI infrastructure build-outs to the semiconductor supply chain that enables them.
- AI infrastructure
- Semis & supply
- Platform economics
Next
A good conversation starts with a specific question.
Macro, technology, semiconductors, portfolio risk — or a research question that does not fit neatly into any of them.