| Dear Reader, Louis Gave—co-founder and CEO of Gavekal Research—is one of the smartest investors and asset managers I know. He is also a regular contributor to our Over My Shoulder macro service. I’ve been following his career for two decades now... and his profound insights, often delivered in a quirky, humorous style, still delight and surprise me. In his latest Gavekal report, which he generously let me share with my Over My Shoulder subscribers, Louis makes a convincing case for his hypothesis that COVID was not the key financial event of 2020–21. He says (rightfully so) that the most sensational events in a given year are not necessarily the ones that have the greatest long-term effects on the economy and markets. Take, for example, the year 2001. Most people would name the World Trade Center attack on September 11 as the most significant event, Louis says: “Yet, with the benefit of hindsight, we know that it was China’s entry into the World Trade Organization that cast the longest shadow on both the global economy and markets.” Same with 2007–08 when the mortgage bust was on everyone’s mind. “Yet the more significant event,” writes Louis, “was probably the launch of the smartphone, giving birth to a whole new tech ecosystem.” You’ll be surprised to learn what Louis believes is the 2020–21 world event of utmost importance. I’ll bet you anything it’s not what you’re thinking. I invite you to find out for yourself in Over My Shoulder. Right now, we have a special offer for Mauldin Economics readers—for just a few more days, you can get Over My Shoulder for just $9.95 a month. There is no long-term commitment. Try it out for a month, and if it’s not for you, just let us know, and we won’t bill you the following month. It’s that simple. In the meantime, you’ll receive two to three issues in your inbox each week... excellent research from top analysts I’ve come to trust. Get all the details and order here. Your awed to be surrounded by such brilliance analyst, 
John Mauldin
Co-Founder, Mauldin Economics | 