General

On January 23rd, over 400 friends, clients, and other interested parties attended our Annual Outlook event at the Meydenbauer Center in Bellevue, Washington. At the event, we were fortunate enough to have been joined by our newest colleague, Grant Williams. To say Grant is a man of many talents is far too modest. He writes one of the world’s most popular newsletters (www.ttmygh.com), is a coveted public speaker, and is the co-founder of Real Vision TV (realvisiontv.com). It’s also an understatement to call him a man on the move; since the start of this year, he’s already been to 10 different countries! As a strategic advisor to Evergreen, Grant will function in a few different capacities. First, he’ll be making periodic contributions throughout the year to our newsletter, the Evergreen Virtual Advisor (EVA). In the past, we have occasionally run condensed versions of his acclaimed newsletter, Things That Make You Go Hmmm… Now, however, he will be writing an abridged newsletter tailored specifically for our readers. In addition, Grant will have a seat on our investment committee, offering his keen insight into shaping our firm’s views on the macroeconomic landscape. Lastly, when appropriate, Grant will participate in engaging clients or prospective clients in face-to-face meetings. Read More

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  IMPORTANT DISCLOSURES This report is for… Read More

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“However beautiful the strategy, you should occasionally look at the results.” – Winston Churchill When I was growing up, it was almost a rite of passage to read Joseph Heller’s iconoclastic novel about a war-weary WWII bombardier, Catch-22. For those unfamiliar with the story, the… Read More

When I was growing up, it was almost a rite of passage to read Joseph Heller’s iconoclastic novel about a war-weary WWII bombardier, Catch-22. For those unfamiliar with the story, the book’s protagonist finds himself in a classic no-win situation—a condition that may have direct applicability to the current investment environment. This edition of our monthly Guest EVA will be the first introduction for many of you to one of the financial world’s most talented writers, Ben Hunt. In addition to his skills of authorship, he’s also a penetrating thinker about the unprecedented forces that are shaping both the global economy and asset prices. Like me, he believes we are in the dying days of the "Golden Age of the Central Banker" or what I have called the era of "Central Banks Uber Alles." Read More

“Sir: The next financial apocalypse is imminent. I know this to be true because the House and Home section is now assuming the epic proportions last seen before the great crash. 24 pages chock full of adverts for mansions and wicker tea trays for $1,000. You’re all mad. Read More

It’s fair to say that repeated warnings in this newsletter about the overvaluation of the US stock market have been, to say the least, "premature." However, our cautions about the junkier reaches of the high yield market, as well as leveraged bank loans, were quite timely. As is so often the case, extreme inflows into these asset classes in recent years provided an excellent heads-up. Read More

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