Interview recorded - 8th of June, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with David Hay, Co-Chief Investment Officer of Evergreen Gavekal.

During our conversation we spoke about key drivers of the current market, whether we are still in the biggest bubble of history, how the current debt cycle risks collapse and why nuclear energy is the future of non-carbon energy. I hope you enjoy!

0:00 - Introduction
0:50 - Key drivers of current markets?
4:30 - Can the FED save the US economy?
7:15 - Will we see stagflation or disinflation?
10:30 - Are we still in a bubble?
13:28 - Industries/geographies that David is watching?
17:00 - How would Treasury funding issues effect market?
20:00 - Will they run inflation hot?
24:00 - The end of a debt cycle?
26:10 - Pensions and other levered bond holders to be punished?
31:30 - Stock picking during market uncertainty?
34:30 - Future energy crisis and why nuclear is vital
38:15 - Why is nuclear better than other non-carbon energy producers?
42:10 - 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 Hays - 

Twitter - https://twitter.com/Haymaker_0
Website - https://evergreengavekal.com/
Substack - https://haymaker.substack.com/

WTFinance -

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iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
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