Dear Clients and Readers, This week, we are presenting a thought-provoking article from Gavekal Research’s Co-Founder, Anatole Kaletsky. In his piece, Anatole shares a contrarian take on the current outlook for the US economy. While we don’t necessarily agree wholeheartedly with his forecast, his viewpoint bears consideration, especially as the consensus… Read More
In dieting and investing, it would seem that self-discipline plays a crucial role. So, what does self-discipline mean for investors? I think it can be a number of things, but here are some of the most critical elements as it relates to investment discipline. Read More
After over a decade of “passive investing” dominance, a shift is underway. Active management rewards investors who can skillfully blend between and shift within different asset classes, a seemingly fruitless exercise until recently. When everything is going up in value, there’s little-to-no value in doing so. However, as of late,… Read More
After almost 17 years, it’s time for me to bid farewell to an old friend, the Evergreen Virtual Advisor (EVA). Perhaps, farewell is a bit dramatic as EVA will continue to be delivered uninterrupted to its loyal reader base of nearly 9000 recipients. This newsletter has long struggled with a simple issue: I am but one… Read More
“The Fed’s dual mandate is that of arsonist and fire brigade.” – Jim Grant. A Belated Epiphany It is my belief, based on years of observation, that if you want to know the truth about government agencies and their actions, listen to retired officials from those entities. Once they have… Read More
“We were assured by policy makers that QE provided large benefits to the real economy. If so, won’t its reversal in the form of QT come with a cost? It can’t be all rainbows and unicorns.” -Stan Druckenmiller and Kevin Warsh (the latter a former senior Fed official, referring to… Read More
By Thomas Gatley from Gavekal Dragonomics What happenedThe China Securities Regulatory Commission on Saturday published a proposed rule change for offshore-listed companies, removing a requirement that audit inspections be conducted by Chinese government agencies. The contextChina’s securities regulators have been negotiating with their US counterparts over the requirement,… Read More
Through the first half of 2021, the US Initial Public Offering (IPO) market hit record after record, as proceeds and activity went gangbusters. At its peak, nearly $40.7 billion of capital was raised via initial public offerings across 118 deals in the second quarter of 2021. Read More
Image: KnowYourMeme.com “A gold mine is a hole in the ground with a liar standing next to it.” – Often attributed to Mark Twain (a great line, no matter the source) Hopefully, everyone reading this edition of our Evergreen Virtual Advisor (EVA) is aware that I recently completed a book titled… Read More
Each December, as most of us prepare to celebrate the holiday season, Wall Street luminaries deliver their outlooks for the year ahead. Typically, they “predict” where markets will finish in the coming year and detail key risks that could lie ahead. Respected Chief Economist at Deutsche Bank, Torsten Slok, prepared… Read More
