“How many things we regarded yesterday as articles of faith that seem to us only fables today?”  – MICHEL DE MONTAIGNE, FRENCH RENAISSANCE PHILOSOPHER Land of the setting yen? After nearly 34 years in the investment business, one strongly and widely held view—clutched… Read More

“The US is the best looking horse in the glue factory.” -ERSKINE BOWLES, CO-AUTHOR OF THE SIMPSON-BOWLES DEFECIT REDUCTION PLAN. “We have a leaderless government right now.” -ALAN SIMPSON, THE PLAN’S OTHER CO-AUTHOR. A most important election. Presidential elections are almost… Read More

“Every monetary policy action has costs and benefits, and my assessment is that the potential costs and risks associated with these actions (QE3) outweigh the potential meager benefits.”  -CHARLES PLOSSER, PRESIDENT OF THE FEDERAL RESERVE BANK OF PHILADELPHIA POINTS TO PONDER 1. Looking… Read More

“The fact that the Keynesians…are in total disarray just shows that their global explanation of how the world works is simply wrong.  If Keynesian policies worked France should be booming today.”   -CHARLES GAVE The game that will live in infamy.  Silly me—after all… Read More

“What we need is a central bank that has the humility not to do what it cannot do. And the Fed cannot do what others have failed to do, namely to plan an economy from a central desk in the capital city.”  -JIM GRANT, FOUNDER OF GRANT’S… Read More

“So there may well be reasons for market enthusiasm, but they certainly have nothing to do with the economy. As we saw in 2006-2007, the markets and the economy can enter into a trial separation for a period of time, but they never get divorced.”  -DAVID ROSENBERG,… Read More

“We live in a technological golden age but in a monetary and fiscal dark age.  While physicists discover the so-called God particle, governments print and borrow by the trillions.  Science and technology may hurtle forward, but money and banking race backward.”  -JAMES GRANT, AUTHOR OF GRANT’S INTEREST… Read More

“It is the long history of humankind (and animal kind, too) those who learned to collaborate and improvise most effectively have prevailed. “ -CHARLES DARWIN By now most readers expect to open EVA each Friday and read our take on the ever-changing financial markets. Occasionally,… Read More

“This is the great danger America faces.  That we will cease to be one nation and become instead a collection of interest groups…each seeking to satisfy private wants.”  -BARBARA JORDAN, CIVIL RIGHTS ACTIVIST AND CONGRESSWOMAN A third way? Last week’s EVA… Read More

We realize that GaveKal Research is not a household name to most investors.  Of course, EVA readers are not most investors!  Those of you who take the time to read EVA on a regular basis by definition have a higher level of interest in the financial markets and… Read More