As I’ve expressed in previous EVAs, Anatole Kaletsky is one of the smartest people I’ve ever met. While he’s not well known in the US, his star shines brightly in Europe where government and financial leaders seek out his guidance. He’s also the “kal” in our partner firm, Gavekal, which was recently the subject of a glowing article in Barron’s, interviewing one of my closest friends, Louis Gave.
Conform or reform? In human terms, 500 years is a very long time. Yet, that’s how far back one of the most renowned Fed watchers is taking us in this edition of our Guest Evergreen Virtual Advisor (EVA). Danielle DiMartino Booth has previously been highlighted in these pages and she graciously gave us permission to run her recent missive: “Destination Reformation: The Dawn of a New Era in Central Banking”.
In this exclusive Quarterly Webinar, David Hay reviews what’s happening with central banks, inflation, the economy, bubbles and debt, yield curves and spreads, energy and the stock market.
In last week’s edition of our Guest EVA, we ran the first half of a condensed version of Grant Williams’ exceedingly popular Things That Make You Go Hmmm. No one ever accused Grant of short-changing his readers as his weekly missives often run to 30 pages or more. But they are chock full of some of the best non-consensus insights, spiced with biting humor, this side of another Grant (as in Jim Grant).
Warren Buffett is famous for his disdain of “investment strategies” that involve making small gains while taking big risks, even if those risks rarely erupt. He has described this approach using the above analogy, although he has said “pennies” instead of “millions”. In today’s $28 trillion US stock market, however, “millions” is a much more appropriate word.