Charles Gave Says Easy Eurozone Trades Running Out Of Road

Noting that “investor enthusiasm for government debt from the eurozone’s (risky) southern periphery persists unabated,” Evergreen Gavekal’s Charles Gave believes investors will find themselves bumping up against some hard truths imposed by simple accounting (truths).” Eurozone: Why does consumption receive the same weight as investment in economic modeling? Hedge fund manager Gave then dives into a simple economic formula that has become perverted, like much of economic thought over the past decade or so.  Measuring economic growth based on consumption is like measuring happiness based on one’s waistline.  “To my simple mind,” Gave writes in his investment letter, “the only…