Below are Evergreen Gavekal’s Likes/Dislikes for January 31, 2020.
Last week, we kicked-off the first edition of a two-part series where our investment team looked back on 2019 and forward to 2020. This week, Jeff Eulberg (Director of Wealth Management), Jeff Dicks (Director of Portfolio Management), David Hay (Chief Investment Officer), Tyler Hay (Chief Executive Officer), and Mark Nicoletti (Managing Director, Family Office) continue to reflect on last year, while forecasting what may lay ahead for the rest of this year.
The Evergreen Virtual Advisor is over 10,000 subscribers strong, up from just 500 readers towards the beginning of the last decade. Roughly 10% of subscribers are clients, leaving us with the sometimes-difficult task of writing to two distinct audiences.
When we published our letter on hard assets in late-December, there was no way of knowing what geo-political events would unfold only a week later. But, when the US attacked one of Iran’s most beloved and decorated generals on January 3rd, shockwaves reverberated around the globe, stoking fears of further conflict in the Middle East.
A century ago, the Roaring Twenties were an era marked by economic prosperity, technical innovation and societal progress. Following the end of the Great War (now known as WWI) and “The Forgotten Depression” (which occurred between 1920 and 1921 when GDP plummeted by 24%), the stock market surged for the better part of the decade, jumping 250% through late-September of 1929.