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Thought Leadership

Insights from Tocqueville

Caveat Emptor

Caveat Emptor

By Paul Kleinschmidt on September 17, 2015

Buyer beware: ETF’s may not be what they appear Exchange Traded Funds (ETF’s) have been all the rage the past few years as money has flowed out of actively managed portfolios and into investment vehicles that mirror various indices. After all, portfolio managers rarely outperform the broader stock indices and the overwhelming majority of actively …

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Keep Calm and Carry On

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 …

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Tocqueville Gold Strategy Investor Letter Second Quarter 2015 – Part II

Tocqueville Gold Strategy Investor Letter Second Quarter 2015 – Part II

By John Hathaway on July 16, 2015

What is required to restore investor interest in gold? In our opinion, a prolonged bout of financial-market adversity would suffice. After all, the cornerstone of coordinated central-bank policy since 2008 has been the levitation of financial assets via Zero Interest-Rate Policy (ZIRP) and Quantitative Easing (QE) by forcing investors into risky assets. We believe that …

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Tocqueville Gold Strategy Investor Letter Second Quarter 2015 Investor Letter

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 …

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Sell The Rumor, Buy The News

Sell The Rumor, Buy The News

By Robert Kleinschmidt on June 17, 2015

Investors have been selling the rumors lately, inverting the old adage.  Rumors of a Greek default and a Fed rate hike have sent investors panicking for the nearest exits.  But, will they buy the news?  Who knows, but they should. I cannot think of two better advertised negative events than these, all the more so …

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