Lewis Carrol’s tale summarizes the intuition behind the paradox of quantum superposition: in Schrödinger’s famous thought experiment, a cat can be both alive and dead at the same time. Schrödinger’s twisted logic was surely required to make sense of a week during which a mob stormed the U.S. capitol and stock prices broke multiple records.
Thanks to our partnership with Gavekal, Evergreen has a unique view into what’s happening in China and, more broadly, Asia. Over the last couple of years, the tit-for-tat trade and technological war between the United States and China has been consistent front-page news, raising alarms as to how badly the relationship might further devolve.
Even hard-core EVA fans are probably tired of reading about how much I read. But believe me, you’re not as tired of reading it as I am of doing it! Occasionally, though, I come across something so unique and interesting that it makes it worth ploughing through the 1,000 or so pages I read per week that are for the most part kind of, well, meh.
In the investment world, hindsight is always 20/20. The expression has never been truer than in the year 2020, as investors who believed that the longest bull market in history was destined to expand indefinitely were met with an unwelcome surprise towards the end of the first quarter.
Long-time EVA readers may recall the legendary John Mauldin was my inspiration for starting this newsletter back during the housing bubble days of 2005. In fact, the inaugural EVA edition was almost exactly 15 years, and about $15 trillion of Federal debt, ago.