Gavekal: Analysts Wearing "Economic Beer Goggles"

David Hay, chief investment officer at Evergreen / Gavekal, looks at promises of “sustainable acceleration” continually made relative to the global economy and applies an old saying, with a twist.  “Fool me once, shame on you. Fool me twice, shame on me,” he writes in his most recent investment letter, then considers the multiple times he’s heard assurances the global economy was about to take off and quips: “What about, ‘Fool me four times?’”

Gavekal Chief: Establishment analysts wearing “economic beer goggles”

Hay takes direct aim at the US Federal Reserve and their central bank cronies and related cheerleaders around the world to humorous effect, according to a recent memo from the firm.  Addressing the cheerleaders and blind faith believers in...