“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
“The idea that policy makers can perfectly unwind (their) unprecedented easing without some unintended consequences is theoretically possible but…unlikely.” -MICHAEL HASENSTAB, MANAGER OF THE FRANKLIN TEMPLETON GLOBAL BOND FUND, RANKED NUMBER ONE AMONG ITS PEERS OVER THE LAST DECADE. The cover story curse. … Read More
“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” -SIR JOHN TEMPLETON POINTS TO PONDER… Read More
“The worst enemies of Social Security and Medicare are the people who say don’t touch (them). They are headed for a certain arithmetic catastrophe.” -PAUL RYAN The Great Inversion. We definitely live in a time of “Greats.” The “Great Moderation” was the long… Read More
“It is typical of government price-fixing schemes that they escape one undesired consequence only by plunging into another and usually worse one.” -HENRY HAZLITT, FROM HIS CLASSIC BOOK, ECONOMICS IN ONE LESSON. POINTS TO PONDER 1. There are several reasons… Read More
“I cannot forecast to you the actions of Russia. It is a riddle, wrapped in mystery, inside an enigma.” -WINSTON CHURCHILL The above line from Sir Winston, who unquestionably was one of the most prodigious quote-miesters of all time, could easily be applied today… Read More
