Below are Evergreen Gavekal’s Likes/Dislikes for May 22, 2020.
Better to be lucky… One of this year’s “Unexpected Outcomes” from our January 20th EVA was that the long-comatose French stock market would be one of the world’s better performers in 2017. My rationale was that, at the time, Francois Fillon, a credible and reform-minded candidate, was leading the polls for president of France. Moreover, considering his flawed and/or relatively obscure opponents, his election looked highly probable.
Time for a surreality check. Somehow, I don’t think I’m alone in waking up on certain mornings wondering into what parallel universe I’ve been transported. The daily surreality show I’m referring to includes, but is not limited to, watching what are decidedly unpresidential press conferences by our new president—not to mention an endless stream (of consciousness) tweets—and shockingly public feuds with the US intelligence community. These recurring events have caused global uncertainty surveys to go postal.
“The world currently has an excess of every manufactured good.”
-JOHANN RUPERT, CEO of luxury consumer products company, Richemont.
“Clearly, our consumers’ budgets are pinched.”
-Dollar General CEO, TODD VASOS
First of all, Evergreen would like to wish all of its clients,
“Central banks are the largest blind buyers in the world, accumulating trillions of dollars worth of assets with no thought of price, valuation, or exit strategy.”
-Jones Trading’s MIKE O’ROURKE
This week’s EVA brings the second edition of our new Random Thoughts format.