General

The degree to which speculators are betting against oil may mean a rally is looming. Read More

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25 years in Sibera. In the late 1980s, I became convinced the Japanese stock and real estate markets were engulfed in one of the biggest speculative manias in world history. It was the first time I started using the B-word—as in "bubble"—in my conversations with clients. Some readers may remember that the most egregious example of that era’s insanity was the alleged valuation of the Imperial Palace in Tokyo being worth more than all the property in California. Now that’s a bubble! As is almost always the case, the red giant that was Japan’s asset markets continued to expand, even as renowned investors like GMO’s Jeremy Grantham outlined the persuasive case on why a future disaster was coming. In fact, Mr. Grantham began to warn about Japan in 1986—a full four years before the planet’s star market became the ultimate black hole. By the time Japanese stocks and real estate began to crack in 1990, the alarm-sounders were thoroughly discredited and ignored (some things never change!). Read More

25 years in Sibera.  In the late 1980s, I became convinced the Japanese stock and real estate markets were engulfed in one of the biggest speculative manias in world history. It was the first time I started using the B-word—as in "bubble"—in my conversations with clients. Some readers may remember that the most egregious example of that era’s insanity was the alleged valuation of the Imperial Palace in Tokyo being worth more than all the property in California. Now that’s a bubble! As is almost always the case, the red giant that was Japan’s asset markets continued to expand, even as renowned investors like GMO’s Jeremy Grantham outlined the persuasive case on why a future disaster was coming. In fact, Mr. Grantham began to warn about Japan in 1986—a full four years before the planet’s star market became the ultimate black hole. By the time Japanese stocks and real estate began to crack in 1990, the alarm-sounders were thoroughly discredited and ignored (some things never change!). Read More

In US dollars, CAD REITs have lagged US REITs by 42% since 2012. With a 2% yield pickup, REITs up north look attractive. Read More

At our 2015 Annual Outlook event, we announced Grant Williams as a new member of our firm as Strategic Advsior. There, Grant explained what compelled him to join Evergreen GaveKal. Read More

At the same time, the Shanghai composite is up over 80%. Read More

With MLPs yielding over 6%, and distributions growing 3-5% per year, we think future returns are bright. Read More

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