To Seattleites, the initials EMP stand for Experience Music Project, funded and founded by Microsoft co-founder and mega-billionaire Paul Allen. But to those of you who recall our May 19th EVA, it has a much more ominous meaning: Electromagnetic Pulse.
Much has been written in this publication’s pages about “ETF-mania” and the rise of passive investing. In fact, devoted readers need not look farther than last week’s Pull It Together (Part II) EVA to read a quick synopsis of Evergreen’s belief that the passive fad is sure to end poorly.
The US has been a terrific place to invest since 2009. In fact, looking at one of the charts we presented in last week’s Infographic EVA, the S&P 500 has outperformed MSCI Asia Pacific by 101%, MSCI Europe by 107%, and MSCI Emerging Markets by 132% during that timeframe.
Momentous Minsky. In the aftermath of the global financial crisis, this newsletter praised an economist who never lived to see the ultimate vindication of his life’s work. His name was Hyman Minsky and as those of you who track the financial markets even casually know, we’re not alone in our fascination with his theories.
Dimon Vision. After spending almost four decades in the financial industry, I have many fond memories (along with some of the not-so-fond variety). Among my best are the times when I was privileged to work with Jamie Dimon in the 1990s. These were my—and Jamie’s—Smith Barney years and they were exhilarating.