Generally speaking, the purpose of EVA is to communicate Evergreen’s overall outlook on the markets and economy. We tend to stick to this script by writing on topics such as central bank policy, inflation, the stock market, the bond market, and energy. One theme we try to avoid – or at least stay neutral on – is politics. Read More

It’s been nearly a year since our newsletter last touched on the passive investing phenomenon. And yet, despite its absence from these pages, direct asset flows into passive vehicles have continued to outdo their active counterparts at a dizzying pace. Read More

A recurring theme in various EVAs over the years is the importance of the yield curve. Sorry, I know a term like that can literally throw non-professional investors—i.e., those with a real life—for a curve. But, unlike with so many human relationships, it’s NOT complicated. Read More

It’s time for a couple of firsts. The first “first” is that I’ve never before written an introduction to an introduction. The second is that I’ve never attempted to self-publish a book in real-time. Read More

In this exclusive Quarterly Webinar, David Hay reviews what's happening with MLPs (Master Limited Partnerships), the bond market, inflation and the economy, energy and the US stock market. You don't want to miss this! Read More

The original idea for this week’s EVA was to compile a list of “winners” and “losers” should the escalating trade war play out fully. Read More

The second quarter of 2018 kicked off with a bang as growing tensions in technology and trade sent investors searching for cover on Monday. In fact, it was the worst April start since… drumroll please… 1929. Read More

Have you ever wondered what causes recessions and their close cousins, bear markets? In this month’s Gavekal Evergreen Virtual Adviser (EVA), my good friends Charles Gave and Will Denyer attempt to answer that question, one that has vexed economists and even Federal Reserve officials for decades. Read More

Nearly one year ago to the week, this newsletter made the wild-hair case that the Fed was serious about raising rates. At the time it was a contrarian call—as so many of ours are—because, for years, Ben Bernanke and Janet Yellen had consistently failed to “normalize” interest rates. Read More

In an echo of the early February market meltdown, panic unexpectedly shook markets as President Trump unleashed the opening salvo in his war on trade at the end of last month. Bloomberg even went so far as to dub the pull-back a “Tariff Tantrum” in an ominous ode to the Taper Tantrum of 2013. Read More