Interview recorded - 19th of December, 2023
This week I had the pleasure of welcoming back David Hay - Co-Chief Investment Officer of Evergreen Gavekal.
During our conversation we talked about the David's current thoughts on markets, whether we are in a new bull market or bear rally, assets David is currently watching and more. I hope you enjoy!
0:00 - Introduction
0:45 - Current thoughts on markets
3:05 - Preventing Trump returning to power?
6:20 - FED providing maximum optionality?
9:20 - Consensus skewed to bullish side
11:10 - Do we understand the impact QT has on markets?
14:05 - Long End of Bond Market to help FED?
15:15 - New bull market or bear rally?
19:20 - Opportunities in small caps?
24:47 - Case for Strong US Economy?
27:00 - What attracted David to Emerging Markets Debt?
29:20 - What else is David watching?
33:05 - Industries that are out of love
36:37 - One message to takeaway from our conversation?
David Hay acquired the majority interest in Evergreen Gavekal (at the time, Evergreen Capital Management) in 2002. He continues to serve his long-time clients and acts as Co-Chief Investment Officer with special emphasis in macro-economic research.
David has been employed in the securities industry since 1979 when he joined Dean Witter Reynolds, now Morgan Stanley. He rose to the position of Senior Vice President in 1983. In 1985 he was the youngest member to be elected to Dean Witter’s elite Chairman’s Council. David and his team joined Smith Barney in 1990 and were instrumental in establishing the Portfolio Advisory Program. Fulfilling the positions of Senior Vice President, Senior Portfolio Manager and Director, David also served on the Smith Barney Directors Advisory Group, gaining valuable experience in merger integration and client service enhancement.
In 2022, David released his highly anticipated book, Bubble 3.0: Who blew it and how to protect yourself when it blows apart. The book explores why he believes the financial markets are headed toward a third iteration of past market rotations. Accordingly, he believes there are a number of investment areas/asset classes poised to benefit from what he has begun referring to as “The New World Disorder”.
David currently spends the winter months in Indian Wells, Ca., with his wife, Mindy, and two dogs, Nova and Roscoe. In early June, they will be moving into their new home in Liberty Lake, Wash.
David Hay Interviews -
Haymaker as Host interview: https://www.youtube.com/watch?v=EnDy6SGoG00
MicroNuclear explanatory video: https://www.youtube.com/watch?v=Fb2Op0mWlUw
David Hay -
Twitter - https://twitter.com/Haymaker_0
Website - https://evergreengavekal.com/
Substack - https://haymaker.substack.com/
WTFinance -
Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas