David Hay – The Importance of Range Expansion

<p><strong>BIO: </strong>David Hay has been employed in the securities industry since 1979 when he joined Dean Witter Reynolds, now Morgan Stanley.</p><p><strong>STORY:</strong> A colleague told David about a business that was going to sell books online. David wasn’t convinced that the business had a competitive edge. So while his colleague invested $50,000 into this company, David chose not to invest. The company was Amazon. Had David invested then, he’d now be a multimillionaire.</p><p><strong>LEARNING:</strong> Invest only what you can afford to lose. Keep challenging your thesis. Have a systematic quantitative framework to help you keep an open and agile mind when investing.</p><p>&nbsp;</p><blockquote class="ql-align-center"><strong>“One of the most important things in investing is range expansion.”</strong></blockquote><blockquote class="ql-align-center">David Hay</blockquote><p>&nbsp;</p><h2>Guest profile</h2><p><strong>David Hay</strong> has been employed in the securities industry since 1979 when he joined Dean Witter Reynolds, now Morgan Stanley.</p><p>And since 2022, David has been chief or Co-Chief Investment Officer of Evergreen Gavekal with a special emphasis on macro-economic research.</p><p>In 2022, David released his highly anticipated book, <a href="https://www.awesound.com/a/bubble-30-historys-biggest-financial-bubble" rel="noopener noreferrer" target="_blank"><em>Bubble 3.0: Who blew it and how to protect yourself when it blows apart.</em></a></p><p>The book explores why he believes the financial markets are headed toward a third iteration of past market rotations.</p><p>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.”</p><h2>Worst investment ever</h2><p>In November of 1994, David received a call from a colleague. They were both portfolio managers at Smith Barney. At that point, they were investing side by side in virtually everything. The colleague told David about this guy who was