Louis-Vincent Gave
Founding Partner & Chief Executive Officer
After receiving his bachelor's degree from Duke University and studying Mandarin at Nanjing University, Louis joined the French Army where he served as a second lieutenant in a mountain infantry battalion. After a couple of years, Louis left the army and joined Paribas where he worked as a financial analyst—first in Paris, then in Hong Kong.
Louis left Paribas in 1999 to launch Gavekal Research with Charles Gave and Anatole Kaletsky in London. In 2002, Louis left the London office and returned to Hong Kong; the idea at the time was that Asia was set to become an ever more important factor in global growth and that, consequently, Gavekal needed to offer its clients more information, and more ideas, relating to Asia. Since then, Louis has been living in Hong Kong from where he oversees Gavekal’s money management business. Nonetheless, Louis contributes episodically to the research. Louis has written six books, the latest being Clash of Empires: Currencies and Power in a Multipolar World which discusses the consequences of a world which seems to be breaking up into three distinct monetary zones, each with its own reserve currency, its own fiscal policy, its own imperial ambitions and perhaps even its own supply chains..
Louis has also been involved with different start-up ventures. He has helped seed a number of companies including Roboglobal LLC, Sponsorise.me, Think-Twice, Jobby-Pepper, On-Off Telecom, A-Ride Inc, Extreme Organics Inc, Ullr Maps Inc, and others. Louis is the non-executive chairman of Roboglobal LLC (the manager of the ROBO.US ETF, one of the largest robotics dedicated ETFs). He is also a non-executive director at Evergreen-Gavekal, a Bellevue, WA based private wealth manager. Louis also sits on the visiting board of Trinity college – Duke University.
In his spare time, Louis likes to spend time on the rugby pitch, whether in Hong Kong (where he plays for Valley RFC), or in France where he is the owner/president of the Biarritz Olympique, a club currently evolving in France’s Pro D2.
Louis speaks English and French. He spent many hours studying Mandarin and Spanish, which he once spoke decently. He is married with two sons and two daughters.
For Louis's article archive please click here.
The Daily
-
Gavekal Research
June 18, 2020
The Market’s Perception Of Scarcity
It is a long-running trope of Gavekal’s research that assets can have value either as tools or as jewels. Tools have efficiency value and jewels have scarcity value. The rule that seemed to govern the relative performance of these over the last 50 or so years appears to have broken down.
5 -
Gavekal Research
June 12, 2020
The Froth Comes Off
Recent weeks saw telltale signs of markets getting silly: firms with no sales reaching U$26bn valuations; airline-focused exchange traded funds jumping from US$50mn in size in January to US$1.5bn, and bankrupt firms becoming five and 10 baggers. This kind of activity may lead to one of three conclusions.
-
Gavekal Research
June 1, 2020
As The World Reopens
A few weeks ago, I outlined three scenarios that could unfold as the world reopened for business. Since then, it looks like the market is starting to tentatively position scenario #3 in which the world economy rips and inflation rises due to pent-up demand, budget deficits, low oil prices and money printing.
Ideas
-
Gavekal Research
June 29, 2020
Towards More Of The Same?
Investors looking at the impressive rally in global equities since mid-March have been forced to come to one of three conclusions: (i) the Covid-19-induced halt to our economies will soon fade away like a bad dream, (ii) equity investors are crazy, or (iii) a growing number of investors think the cash they hold is bound to become worthless.
-
Gavekal Research
May 27, 2020
The Kitsune Market (Part IV)
Over recent weeks, Louis has examined in detail nine “Kitsune” tail risks which could blindside financial markets in the wake of the Covid-19 crisis.
-
Gavekal Research
May 26, 2020
Hong Kong Q&A (Part III)
China has responded to prolonged political dissent in Hong Kong by proposing a tough anti-subversion law that threatens the city’s role as an international financial center. It remains unclear how this will be imposed on a common law-based legal system with a polar opposite jurisprudence to that on the Mainland.
Multimedia
-
Gavekal Research
June 30, 2020
Webinar: Global Investment Roundtable, June 2020
Yesterday Louis Gave, Will Denyer and Andrew Batson joined Arthur Kroeber at the Global Investment Roundtable. They discussed the economic growth and market situation in the US, the state of the Chinese recovery, and what a post-Covid-19 world might look like.
-
Gavekal Research
June 24, 2020
Webinar: Global Update (French), June 2020
In yesterday's webinar for our Francophone audience, Charles and Louis Gave, Cedric Gemehl and Didier Darcet updated viewers on their views of asset markets and government responses to the economic calamity caused by Covid-19.
-
Gavekal Research
May 29, 2020
Webinar: Global Investment Roundtable, May 2020
Yesterday Louis Gave, Charles Gave and Anatole Kaletsky joined Arthur Kroeber at the Global Investment Roundtable. They discussed different scenarios for how and when the world’s major economies can exit the Covid-19 crisis and what it means for investors.