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“Just because a reversal of something unsustainable hasn’t happened yet doesn’t mean it won’t.”   
-Seth Klarman, one of the most successful investors of the last 30 years.

“There is too little economic risk-taking and too much financial risk-taking.”
-Christine Lagarde,

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“When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.”
-JOHN MAYNARD KEYNES referring to market bubbles.

INTRODUCTION

Vertigo isn’t just a Hitchcock movie. Is your head spinning?

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“People willing to trade their freedom for temporary security deserve neither and will lose both.”
-BENJAMIN FRANKLIN

Introduction

Hello darkness my old friend, I’ve come to talk with you again… The famous first line of the 1964 hit by Simon and Garfunkel The Sound of Silence feels relevant this morning.

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“Whenever you find yourself on the side of the majority, it is time to pause and reflect.”
-Mark Twain

INTRODUCTION

Last week’s EVA gave readers a healthy dose of Charles Gave. In this edition, we are highlighting some recent insights from his son,

This week, we are highlighting some recent insights from Gavekal founder Louis Gave. Below is a brief summary of his piece “The Challenge for Equity Markets.”

-Unsettling news—from a potential UK departure out of the European Union, to on-going terrorist attacks in the US, and America’s bizarre presidential race—is pressuring stocks.