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April 4, 2014
April 4, 2014
 “We’ve gone back into this kind of a foie-gras bubble environment.  We’re all being force-fed risk assets.  It’s an unpleasant experience when you’re playing goose to the central bank farmer.”   -James Montier, strategist at elite money manager, GMO “Unless countries come together to take the right kind of policy measures, we could be facing […]
By: Evergreen Gavekal
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March 28, 2014
March 28, 2014
“Price is what you pay, value is what you get.” -Warren Buffett Special message:  Thanks to your loyal readership, as well as your advocacy, we recently eclipsed 5000 readers of our weekly e-letter. The intent of the Evergreen Virtual Advisor (EVA) is twofold. First, we try to convey to our clients the rationale for decisions […]
By: Evergreen Gavekal
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March 21, 2014
March 21, 2014
“Americans were not put on this earth to become managers of decline.”   -Ronald Reagan  “Humans are…guided by the immediate emotional impact of gains and losses, not by the long-term prospects of wealth.” -Nobel laureate, and behavioral investing pioneer, Daniel Kahneman Blessing counting time.  The stock market is overrated—note, I didn’t say overvalued (even though […]
By: Evergreen Gavekal
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March 14, 2014
March 14, 2014
“Facts do not cease to exist because they are ignored.” -Aldous Huxley POINTS TO PONDER 1.  Compensation trends are definitely heading the right way for many US workers.  While this is a welcome development for Main Street, it implies profit margin pressure for corporate America at a time when it is struggling mightily to generate […]
By: Evergreen Gavekal
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March 7, 2014
March 7, 2014
“Most of the money you’ll win at poker comes not from the brilliance of your own play, but from the ineptitude of your opponents.” -Lou Krieger “In the business world, the rearview mirror is always clearer than the windshield.” -Warren Buffett Know when to hold ‘em, know when to fold ‘em.  A few weeks ago, […]
By: Evergreen Gavekal
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February 28, 2014
February 28, 2014
“Owners of stocks…too often let the capricious and irrational behavior of their fellow owners cause them to behave irrationally as well.” -WARREN BUFFETT POINTS TO PONDER 1. Various prior EVAs have noted that bull markets rarely last as long as five years (this one will hit that age on March 9th) but, if they do, […]
By: Evergreen Gavekal
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February 28, 2014
February 28, 2014
“Owners of stocks…too often let the capricious and irrational behavior of their fellow owners cause them to behave irrationally as well.” -WARREN BUFFETT POINTS TO PONDER 1. Various prior EVAs have noted that bull markets rarely last as long as five years (this one will hit that age on March 9th) but, if they do, […]
By: Evergreen Gavekal
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February 21, 2014
February 21, 2014
“Ahhh, Maggie, in the world of advertising, there’s no such thing as a lie.  There is only expedient exaggeration.”   -Cary Grant, playing Roger Thornhill, in Alfred Hitchcock’s North By Northwest. “When it becomes serious, you have to lie.” -Jean Claude Juncker, in April, 2011, one of the most senior eurozone officials at the time. […]
By: Evergreen Gavekal
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February 14, 2014
February 14, 2014
"Consider the following simple, almost naïve question: Is it sustainable for an economy, which expands at a real growth rate of 2-3% per year, to provide a return (to investors) of say 10-15% per year?" -Didier Sornette, world renowned mathematician. Special message: This might be the only time you’ll ever receive an invitation to an […]
By: Evergreen Gavekal
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February 7, 2014
February 7, 2014
"In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price--determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical […]
By: Evergreen Gavekal
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