Insights from Tocqueville
Keep Calm and Carry On
By Robert Kleinschmidt on August 25, 2015
“If it bleeds it leads” the old saying goes, and indeed, roiled equity markets have been front page news every day for about a week now, butting their way into the final days of summer vacations everywhere. Memories of the 2008/2009 crisis, the 2000 dot com bubble burst and even the 1997 Asian Contagion are …Read More
What’s So Great About Private Equity?
By Robert Kleinschmidt on March 31, 2016
Over the past few decades, private equity has gained cachet among investors much the way hedge funds did in an earlier era. Many of today’s investors believe that private equity represents a new and superior asset class. But it is neither. Far from new, it is the oldest form of equity investing. As for superiority, …Read More
Trump’s Victory: What Does it Mean for Gold?
By John Hathaway on November 21, 2016
In our view, the systemic risks that existed prior to the presidential election have not suddenly vanished. Most important among these is a massive bond-market bubble. Close behind, equity valuations remain at historically extreme levels. How the new administration deals with these vexing issues, assuming that it even begins to comprehend them, is a complete …Read More
Tocqueville Gold Strategy Investor Letter Second Quarter 2015 Investor Letter
By John Hathaway on July 8, 2015
It is counterintuitive that gold has weakened following the events in Greece. The potential withdrawal of Greece from the euro at the very least emboldens left wing/nationalist factions in Spain, Italy, and France who see the results of the Greek referendum as legitimizing rebellion against the diet of austerity proposed by Brussels. Should voter unrest …Read More
Tocqueville Gold Strategy First Quarter 2015 Investor Letter
By John Hathaway on April 7, 2015
Gold and gold mining shares appear to be as contrarian today asin 1999, before a decade‐plusrun in which bullion rose nearly seven‐fold in US dollar terms. For those who are concerned that the financial markets are overvalued, we believe that gold offers an out‐of‐favor investment strategy with asymmetric and dynamic potential. For those who see …Read More
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