Blog

May 20, 2022
Inflation Infatuation
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, many Evergreen clients have benefited […]
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May 13, 2022
Market Update: No (Short-Term FED) Pain, No (Long-Term Economic) Gain
In this edition of Evergreen Chartbook, we will discuss the current state of the economy, markets, and our general outlook.
By: Evergreen Gavekal
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May 6, 2022
Handicapping a Recession
No matter who you speak to these days, the big topic in the markets is the same: Are we headed for a recession later this year or next year? This week, we are presenting a podcast with Weiss President and CIO Jordi Visser, who has not been shy about discussing this topic.
By: Evergreen Gavekal
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April 29, 2022
Alternative Investments During Periods of Volatility
Quote:“The premise of saving for 10, 20, 30, 40 years and only having access to daily liquidity products doesn’t make sense.” – Joan Solotar, Global Head of Private Wealth Solutions at Blackstone Inc. Alternative Investments During Periods of VolatilityAlternative investments have long been used as a tool in portfolio construction by large institutions, pensions, and […]
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April 22, 2022
Managing Concentrated Positions
Many investors accumulate large amounts of wealth by investing in a single company, whether that be from executive compensation, inheritance, or just smart stock picking. What can start out as a diversified portfolio may have morph into one stock taking up a large percentage of the portfolio. We see this frequently in the Pacific Northwest, where tech companies have seen massive growth and many employees of these companies have benefited greatly.
By: Evergreen Gavekal
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April 14, 2022
Announcement: Our First Haymaker Is On The Way
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 voice, yet Evergreen Gavekal as a firm has grown […]
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April 8, 2022
Positioning Recommendations - April 8th, 2022
“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 escaped the group-think environment, and […]
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April 8, 2022
Ride Away, Right Away!
“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 the Fed’s first round of […]
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April 8, 2022
Delisting Has Not Been Derailed
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, included in the Holding Foreign Companies Accountable […]
By: Evergreen Gavekal
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April 1, 2022
Positioning Recommendations - April 1st, 2022
Ride Away, Right Away! It’s no April Fool’s gag that the first quarter was a rare down one for stock investors. That is, unless they were closely following this newsletter’s repeated recommendations to have considerable hard asset exposure.  The S&P 500 was down roughly 4 ½% in Q1, while the NASDAQ, most investors’ favorite playground, […]
By: Evergreen Gavekal
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