Recent Articles
Flash Crash 2.0
Click here to download the PDF. This week’s EVA Chartbook by Jeff Dicks explores recent market volatility in the context of the 2010 “Flash Crash” and explains why structural changes in the years since 2008 have left our financial markets more vulnerable to sudden stops and sharp dislocations. We… Read More
IFF Suggests the EM Outlook is Still Deteriorating
Here are a couple of charts courtesy of the International Institute of Finance’s Twitter feed (@IFF). Despite all the pain we’ve seen since 2011, the outlook for emerging markets is still deteriorating as capital outflows continue. Read More
Every Investor's Main Goal
Every investor’s main goal should be fully funding their retirement, not keeping pace with the market at all times. Not only do emotional mistakes often lead to disappointing long-term returns, but also substantial short-term losses, which is why sticking to a disciplined and diversified investment approach throughout your working years is… Read More
Is the Unthinkable Becoming Routine?
If investors had any doubt whether the Trichet: Market Volatility Becoming the New Norm (CNBC Clip)
Evergreen Exchange
Click here to download PDF and print. “The psychological effect of stock market activities on business is, I think, overemphasized…I do not think that the fall in security prices will itself cause any great curtailment in consumption.” - E. H. H. Simmons, president of the NY Stock Exchange, January 26th, 1930. THE EVERGREEN EXCHANGE Worth Wray, Tyler Hay, David Hay What a difference a month makes! Realizing that the suddenly vulnerable US stock market is top of mind for most investors, three of our team-members are going to explore several possible scenarios in this month’s edition of the Evergreen Exchange. We are attempting this with full admission that we are looking through a glass darkly as all investment professionals are these days. We also concede there are definitely more than three possible paths for stocks to take in the coming quarters. As noted repeatedly in prior EVAs, there truly is no precedent or playbook for how this era of extreme central bank manipulation of asset prices will end. But we are convinced that when it does, it is likely to be messy—possibly very, very messy. Yet, times of chaos, uncertainty, and fear typically bring exceptional opportunities for cash-heavy investors with a willingness to buy into the panic. Read More