Alan Greenspan attracted considerable scorn back in late 1996. This was when he warned, as a few old-timers like me may recall, that the US stock market was caught up in what he called: “irrational exuberance”.
In December 2017, Evergreen ran three consecutive newsletters on that period’s investment zeitgeist: an uncontrollable, insatiable, and undeniable appetite for risk. This enthusiasm for risk manifested itself in an other-worldly rise in some of the planet’s most speculative assets.
Reputations are hard to shake, even those that are unfairly attributed. In my case, this was a function of my frequent warnings that stocks were overpriced for most of the second half of the former 10-year bull market.
For years, the concept of ‘the cloud’ was as cloudy as a winter morning in Seattle, Washington. It seemed that only the techiest of tech people understood what the term meant and even fewer had a grasp on how the technology would revolutionize businesses, industries, and economies.
With offices around the world in North America, Europe, and Asia, Evergreen and its partner firm Gavekal have boots on the ground in some of the places hit hardest by the Coronavirus. This gives our firms a unique picture of how the virus is impacting businesses, societies, and markets.