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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
And Just Like That…
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.
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April 1, 2022
Reversion to the Meme
 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 Bubble 3.0.  It continues to […]
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March 17, 2022
Stranger Than Fiction
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 a list for 2020 market […]
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March 17, 2022
Piling On The Fed... The Price of Bubblenomics
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 chapters ahead of their normal sequence.   […]
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March 11, 2022
Why China Will Not Save Russia
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.
By: Evergreen Gavekal
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March 11, 2022
The Sting
You asked for it, you got it!     In this case, that old Toyota tagline doesn’t apply to a new car model but rather the publication of the full book Bubble 3.0 for which so many of you have been asking.  However, in our quest to please as many readers as we can, we will continue […]
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