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July 26, 2013
July 26, 2013
"Buy, buy, buy, says the sign in the shop window.  Why, why, why, says the junk in the backyard?"  -PAUL MCCARTNEY  "Ahhh…Wings, the band the Beatles could have become."  -BRITISH  COMEDIAN, ALAN PARTRIDGE Get back to where you once belonged. Admittedly, my mind is wired differently than those of most members of the human species.  […]
By: Evergreen Gavekal
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July 19, 2013
July 19, 2013
"Those classes of investments considered ‘best’ change from period, to period. The pathetic fallacy is what are thought to be the best are in truth only the most popular—the most active, the most talked of, the most boosted, and consequently, the highest in price at that time." -FRED SCHWED, Author of "Where are the Customer’s […]
By: Evergreen Gavekal
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July 12, 2013
July 12, 2013
"Money does not create wealth. Wealth creates money." -CHARLES GAVE Wanted:  Market strategist, one arm missing. It wasn’t just Dr. Richard Kimble, of The Fugitive  fame, who was frantically seeking answers from a one-armed individual.  President Harry Truman, after listening to the equivocations from his team of economists, "On the one hand, but on the other…," […]
By: Evergreen Gavekal
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June 28, 2013
June 28, 2013
“Frankly, I view the present course of monetary policy as reckless—not because it threatens inflation (which I don’t think it will for several years), but because it diverts scarce capital away from productive investment and toward speculative activities.” -JOHN HUSSMAN, highly regarded money manager. Special Message: Due to the turbulent market conditions, particularly in yield […]
By: Evergreen Gavekal
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June 21, 2013
June 21, 2013
"You can always count on Americans to do the right thing—once they’ve tried everything else." -WINSTON CHURCHILL Special message: Several past EVAs have described the investment process popularly known as the "carry trade." As a refresher, this involves hedge funds, propriety trading desks of large financial institutions, and even closed-end mutual funds, borrowing short-term in […]
By: Evergreen Gavekal
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June 14, 2013
June 14, 2013
"The great traders that I’ve known would joke about how their emotions would push them to do the wrong thing.  Admitting that part of your brain is working against you is not a sign of weakness—it’s the first step towards really doing well in financial markets." -TERRY BURNHAM, author of Mean Markets and Lizard Brains: […]
By: Evergreen Gavekal
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June 7, 2013
June 7, 2013
"If you are not confused about the economy, you don’t understand it very well."  -CHARLIE MUNGER, Warren Buffett’s sidekick at this year’s Berkshire Hathaway shareholders meeting. POINTS TO PONDER 1.  The most recent addition to the growing list of important asset classes that have been slammed of late is the bond market.  In fact, the […]
By: Evergreen Gavekal
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May 31, 2013
May 31, 2013
"Just because a reversal of something unsustainable hasn’t happened yet, doesn’t mean it won’t." -SUPER INVESTOR, SETH KLARMAN There they go again! Don’t get me wrong—I’m a regular reader and avid admirer of The Economist.  It has a uniquely global perspective but whoever chooses its cover graphics does have quite the knack for star-crossed timing.   […]
By: Evergreen Gavekal
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May 24, 2013
May 24, 2013
"I worry about the effects on the long-run stability of our financial system if the Fed attempts to substitute its judgment for those of the market.  Such a regime would only increase the unhealthy tendency of investors to pay more attention to policymakers’ attitudes than to the economic fundamentals."  -BEN BERNANKE, October 15, 2002, one […]
By: Evergreen Gavekal
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April 12, 2013
April 12, 2013
"Inflation is a more fundamental danger than speculative investment.  Some countries seem to be in the unusual situation where they are trying to create inflation. They will come to regret that."  -PAUL VOLCKER, FORMER FED CHAIRMAN, IN A RECENT INTERVIEW POINTS TO PONDER 1.  One of last week’s big news items was the stunning announcement […]
By: Evergreen Gavekal
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