“Deficit spending is simply a scheme for the hidden confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.” -ALAN GREENSPAN, 1966 It may come as somewhat of a shock to even casual EVA readers,… Read More

“If you want to have a better performance than the crowd, you must do things differently from the crowd.”  -SIR JOHN TEMPLETON POINTS TO PONDER 1.  Significant outflows from an investment sector have consistently provided excellent buy signals over the years.  If past… Read More

“Higher markets in the face of eroding fundamentals can be a toxic combination.”  -Super-investor, SETH KLARMAN Who knew? No one has ever accused me of being politically correct.  However, I do try to avoid being politically offensive; therefore, in this week’s EVA, I’m… Read More

“We all know it’s going to end badly, but in the meantime we can make some money.” -JIM CRAMER POINTS TO PONDER 1.  The contrast among a soaring stock market, rising interest rates, and flaccid corporate profits has become more vivid.   Excluding financials,… Read More

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs.” -WARREN BUFFETT Why is it that bull markets take on a life of their own, often rising much more than fundamentals… Read More

“A masterly retreat is itself a victory.” -NORMAN VINCENT PEALE POINTS TO PONDER 1.  Evergreen GaveKal had a cautious view of most investment sectors over the last year.  Although this stance has been off the mark with regard to the US stock market,… Read More

“Fed policy has had a distorting effect on capital allocations decisions of all kinds at virtually every level of the economy.  It is a very large and dull hammer for markets.” -RICK REIDER, Manager of $760 billion in fixed income assets at BlackRock. Too much… Read More

“Buy, buy, buy, says the sign in the shop window.  Why, why, why, says the junk in the backyard?”  -PAUL MCCARTNEY  “Ahhh…Wings, the band the Beatles could have become.”  -BRITISH  COMEDIAN, ALAN PARTRIDGE Get back to where you once belonged. Admittedly, my… Read More

“Those classes of investments considered ‘best’ change from period, to period. The pathetic fallacy is what are thought to be the best are in truth only the most popular—the most active, the most talked of, the most boosted, and consequently, the highest in price at that time.”… Read More

“Money does not create wealth. Wealth creates money.” -CHARLES GAVE Wanted:  Market strategist, one arm missing. It wasn’t just Dr. Richard Kimble, of The Fugitive  fame, who was frantically seeking answers from a one-armed individual.  President Harry Truman, after listening to the equivocations from… Read More