You probably know by now that I tend to do things in an unconventional way. Publishing Bubble 3.0 via Substack is such an example. (However, the highly regarded Pippa Malmgren is also releasing her newest book via Substack).* It was also a bit unorthodox to run a few… Read More
Not long before Russia invaded Ukraine, Xi Jinping and Vladimir Putin met in Beijing and declared the friendship between their countries had “no limits”. Russia is likely finding out now that this “future oriented strategic partnership” is in fact limited. Read More
Semiconductors have been described as “the brains of modern electronics.” The small but powerful chips are a critical component to today’s connected devices... Read More
This introduction to the latest chapter of Bubble 3.0 gives me the opportunity to highlight one of my most important and repeatedly emphasized topics: Wrong cycle investing. By that, I’m referring to the recurring tendency of most investors to buy high and sell low. We all know we shouldn’t do… Read More
Let me be the first to admit, the full-on invasion of the Ukraine is not what I thought was the most likely outcome to this crisis. It seemed to me, and still does, that this an exceptionally risky military adventure by V. Putin. The Ukraine is home to some 43,000,000… Read More
The election of Donald Trump in 2016 was one of the biggest political upsets in US history. Besides his unlikely victory, another unexpected outcome was that his policies inadvertently led to the first implementation of the economic model detailed in Chapter Six: Modern Monetary Theory (MMT). Initially, though, Mr. Trump’s… Read More
Over 1,000 companies hit US public markets for the first time in 2021, shattering previous records. However, after a red-hot start to the year, shares of newly public listings reversed course towards the end of 2021 and into 2022. Read More
It’s not an exaggeration to say that the raging debate about whether inflation is transitory or persistent is the most important “opinion exchange”, at least for market participants. Of course, this assumes China doesn’t invade Taiwan, and that Russia doesn’t attack the Ukraine, and Omicron remains highly transmissible but not very virulent. Read More
Introduction This week, we are presenting an interview between Evergreen Gavekal’s co-Chief Investment Officer, David Hay, and popular financial pundit and friend, Jesse Felder. For those who don’t already know of Jesse’s work, he began his professional career at Bear, Stearns & Co. and later co-founded a multi-billion-dollar hedge fund headquartered… Read More
