Growth Stock Relative Performance

/ December 10, 2021

Last week’s EVA pointed out the considerable damage that has occurred below the placid surface of the US stock market.  It also urged taking advantage of the stealth sell-off, particularly with regard to those market segments of a more cyclical nature.

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What, Me Worry?

/ October 29, 2021

As is the case with Evergreen, our partner firm Gavekal encourages an environment of “opinion exchanges”.  In the latter case, much of that stems from the inherent philosophical divergences regarding economics and politics between its three co-founders. 

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A Temporary Respite

/ October 15, 2021

In this week’s newsletter, Gavekal’s Will Denyer talks about how the US Treasury continues to grapple with figuring out how much money it should pump into the American economy. With the government already running a staggering deficit, how they decide to proceed appears to be a largely looming question for the precedent of American fiscal policy going forward.

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No Escape From The Evergrande Effect

/ September 24, 2021

China’s official debt-to-GDP ratio has surged by 45 percentage points since 2016, leaving it with one of the highest debt ratios for any developing country in the history of mankind. The Chinese property sector is particularly notorious for its addiction to debt and Evergrande, the most-indebted property developer in the world, has on-balance-sheet liabilities that amount to nearly 2% of China’s annual GDP.

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Saigon, Mosul Or Suez?

/ August 27, 2021

Situated at the gateway between Asia and Europe, Afghanistan has a long and unfortunate history of domination and strife by foreign conquerors and internally warring factions.

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