Haymaker Friday Edition
Haymaker Friday Edition
Hello, 2025!
Behind American Exceptionalism
“Deficits are bad primarily because they foster excessive government spending—the chief culprit, in my opinion, in producing both inflation and slow economic growth” -Milton Friedman
“My contempt for the State is infinite.” -Argentina’s President Javier Milei who has drastically reduced government spending, deficits and regulations, leading to an unheard of budget surplus after 100 years of serial economic disasters
Evergreen Compatibility Survey
Pssst! Have you heard? What’s the difference between Elon Musk and God? God doesn’t think he’s Elon Musk.
Sticker advertised on Etsy and credited to CryptoMasterWorks
Based on his seemingly limitless self-esteem, Mr. Musk might not quibble with this quip. However, when it comes to his somewhat trolling-named Department of Government Efficiency – aka, DOGE – Mr. Musk is likely to need some serious divine intervention.
What he is attempting to do when it comes to reining in out-of-control federal spending might rank right up there with parting the Red Sea and raising Lazarus from the dead. Naturally, all conscientious Americans should be rooting hard for his success — and that of his fellow Mission: Impossible accomplice, Vivek Ramaswamy – for the long-term well-being of the country. Actually, their efforts might even prove essential to the USA’s survival as a democracy.
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IMPORTANT DISCLOSURES
This material has been distributed solely for informational and educational purposes only and is not a solicitation or an offer to buy any security or to participate in any trading strategy. All material presented is compiled from sources believed to be reliable, but accuracy, adequacy, or completeness cannot be guaranteed, and David Hay makes no representation as to its accuracy, adequacy, or completeness.
The information herein is based on David Hay’s beliefs, as well as certain assumptions regarding future events based on information available to David Hay on a formal and informal basis as of the date of this publication. The material may include projections or other forward-looking statements regarding future events, targets or expectations. Past performance is no guarantee of future results. There is no guarantee that any opinions, forecasts, projections, risk assumptions, or commentary discussed herein will be realized or that an investment strategy will be successful. Actual experience may not reflect all of these opinions, forecasts, projections, risk assumptions, or commentary.
David Hay shall have no responsibility for: (i) determining that any opinion, forecast, projection, risk assumption, or commentary discussed herein is suitable for any particular reader; (ii) monitoring whether any opinion, forecast, projection, risk assumption, or commentary discussed herein continues to be suitable for any reader; or (iii) tailoring any opinion, forecast, projection, risk assumption, or commentary discussed herein to any particular reader’s investment objectives, guidelines, or restrictions. Receipt of this material does not, by itself, imply that David Hay has an advisory agreement, oral or otherwise, with any reader.
David Hay serves on the Investment Committee in his capacity as Co-Chief Investment Officer of Evergreen Gavekal (“Evergreen”), registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940. The registration of Evergreen in no way implies a certain level of skill or expertise or that the SEC has endorsed the firm or David Hay. Investment decisions for Evergreen clients are made by the Evergreen Investment Committee. Please note that while David Hay co-manages the investment program on behalf of Evergreen clients, this publication is not affiliated with Evergreen and do not necessarily reflect the views of the Investment Committee. The information herein reflects the personal views of David Hay as a seasoned investor in the financial markets and any recommendations noted may be materially different than the investment strategies that Evergreen manages on behalf of, or recommends to, its clients.
Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this material, will be profitable, equal any corresponding indicated performance level(s), or be suitable for your portfolio. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. All expressions of opinions are subject to change without notice. Investors should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed in this presentation.
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