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February 23, 2023
Weighing The Emerging Markets
By Udith Sikand and Vincent Tsui Does the pullback of the last few weeks ring time on the rally that lifted emerging market assets and currencies from October to January? Or does it present an attractive entry point for investors who may have missed the first stage of a protracted period of outperformance that promises […]
By: Evergreen Gavekal
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February 15, 2023
Private Market Sentiment Remains Bullish Despite Headwinds
There’s a popular axiom on Wall Street that two emotions drive markets: fear and greed. Warren Buffett immortalized the contrarian viewpoint on this subject, famously declaring that investors should “be fearful when others are greedy and greedy when others are fearful.” Sentiment indicators quantify market psychology and are often used to gauge bullish or bearish […]
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February 2, 2023
Disinflation And A Potentially Stubborn Fed
By Will Denyer For the first time in this cycle, Federal Reserve chair Jay Powell cheerily intoned on Wednesday that “a disinflationary process has started”. Accordingly, the Fed further slowed the pace of tightening—hiking the main policy interest rate by 25bp (to just under 4.75%), as opposed to prior increments of 50bp and 75bp. So […]
By: Evergreen Gavekal
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January 20, 2023
Is there a “Perfect Storm” Brewing in the Private Secondaries Market?
Private Equity (PE) exits in the United States dropped precipitously from $876.7 billion in 2021 to $295.8 billion in 2022. During the same period, the Initial Public Offering (IPO) market almost completely evaporated, as public listings accounted for only 2.5% of exit value last year. The impacts of rising inflation, public market volatility, and geopolitical […]
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January 6, 2023
China's Unfolding Equity Bull Market
By: Louis Vincent-Gave For all the growth in the Chinese economy over the past two decades, the returns on Chinese equities have been no better than pedestrian— demonstrating once again that the correlation between economic growth and stock market returns is a tenuous one, especially in emerging markets. However, every now and then the Chinese […]
By: Evergreen Gavekal
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December 23, 2022
The Year It’s Been
By Louis-Vincent Gave Imagine an investor who had prior knowledge of this year’s major events—but no idea how the market would react to them. Specifically, imagine an investor who, a year ago, had been told that in the course of 2022: In short, 2022 was a tough year to navigate as relationships and trends that […]
By: Evergreen Gavekal
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September 16, 2022
Hedging US Volatility
By Tan Kai Xian On Tuesday, as the S&P 500 sold off so abruptly, the Vix index, derived from the implied volatility on S&P 500 options, climbed from 23.87 to 27.27. This illustrates the utility of exposure to Vix futures as a hedge for US equity portfolios. As the S&P 500 fell -4.3%, an index […]
By: Evergreen Gavekal
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September 2, 2022
VC Dealmaking Remains Strong Despite Public Market Volatility
VC Dealmaking Remains Strong Despite Public Market Volatility Private and public markets are inextricably linked. This crystalized in the first quarter of 2022 as public market volatility and falling valuations altered the VC landscape. For some, memories of 1999 and 2007 heightened fears that dry powder would evaporate and unleash a devastating blow to early-stage […]
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July 29, 2022
The Fed’s Reaction Function
By Will Denyer The Federal Reserve is on a mission to put the inflation genie back in the bottle. With both trailing inflation and forward inflation expectations running above policymakers’ comfort zone, the Fed will continue to tighten aggressively, most likely raising interest rates by 75bp, or possibly even 100bp, this Wednesday. [Editor's note: the […]
By: Evergreen Gavekal
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July 22, 2022
A Traffic Jam On The Internet Superhighway
The following article was originally published on Forbes.com by Evergreen Gavekal's Technology Advisor, Michael Johnston. If you think of the wireless internet as a multilane highway, we’re rapidly heading toward an inflection point. When the highway was first built by global mobile network operators (MNOs), there were fewer cars (devices) on the road. Now, however, personal computing […]
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