About

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 1998 to launch Gavekal with his father Charles and Anatole Kaletsky. 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.

Louis has written seven books, the latest being Avoiding the Punch: Investing in Uncertain Times which reviews how to build a portfolio at a time of rising geostrategic strife, and when very low interest rates and stretched valuations on most assets announce constrained returns on most assets over the next decade.

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.

Anatole is co-founder, chairman and chief economist of Gavekal. Before founding Gavekal he worked for 30 years as an economic journalist and commentator at the Financial Times, The Economist, and the London Times. He is also chairman of the Institute for New Economic Thinking, a foundation created to reform academic economics after the 2008 global financial crisis. His book Capitalism 4.0, on the post-crisis transformation of the global economy, was nominated for the 2011 Samuel Johnson Prize.

Arthur co-founded the China-focused research service Dragonomics in Beijing in 2002 and was the editor of its flagship journal China Economic Quarterly through 2017. Since Dragonomics' 2011 merger with Gavekal he has been head of research for the combined operation. Before founding Dragonomics, he spent 15 years as journalist specializing in Asian economic affairs, and reported from China, India, Pakistan and other Asian countries. He is also an Adjunct Professor of Economics at the NYU Stern School of Business, a member of the Council on Foreign Relations and of the National Committee on US-China Relations, and a senior non-resident fellow of the Brookings-Tsinghua Center in Beijing. His book "China's Economy: What Everyone Needs to Know" was published by Oxford University Press in 2016, with a second edition in 2020, and is widely used in university classrooms.

After serving in the Swedish army, Pierre began his financial career in 1998 as an analyst at a venture capital firm in Stockholm. Joining Gavekal in 2001, he was responsible for building and maintaining the firm's financial models, and for running the daily research operations until 2011. He now oversees research sales and client management. He is proficient in Swedish, English, French, Danish and German. He is married with two daughters.

Before joining Gavekal in June 2012, Christine worked for the Hong Kong Monetary Authority as a Portfolio Manager for the China rates and EM credit portfolio of the Direct Investment Team under the Reserves Management Department. Prior to HKMA, Christine worked in the Investment Banking Divisions of Credit Suisse and Citigroup, as well as a pan-Asia private equity firm. Christine graduated from Wharton School, University of Pennsylvania, majoring in Finance and Accounting. 

Alfred Ho has over twenty-five years of experience investing in Asian markets. Before joining GaveKal in 2006 as a partner, Alfred was the Chief Investment Officer for INVESCO Asia and was responsible for managing large retail and institutional portfolios. Alfred was the lead manager for the INVESCO GT Asia Enterprise Fund and initiated the launch of the first absolute-return driven product for the company - INVESCO Asia Alpha Fund in 1999. Prior to joining INVESCO, Alfred worked as an analyst with W.I. Carr in Hong Kong. Alfred graduated from the University of Wisconsin-Madison with a Bachelor of Science degree in Economics and a Master of Science degree in Finance. He is a holder of the Chartered Financial Analyst designation.

Marco Lai has over thirty years of experience in operational management and information technology. Previously, Marco was the Head of Information Technology (IT) at INVESCO Hong Kong where he was responsible for formulating IT strategy and rolling out corporate initiative projects, and was a director at QWORKSHOP HK, a software solution company. Marco has extensive experience in fund accounting systems, designing proprietary stock databases and building interfaces to external third party systems. He holds a Bachelor of Science in Business Administration from Boston University and a Master of Business Administration degree in Finance from California State University, Los Angeles.

Charles undertook his graduate studies in Toulouse in economics and then received an MBA from SUNY Binghamton. He started his financial market career at the Banque de Suez in 1970. In 1974, he left to create Cecogest, an independent research firm providing institutional investors advice on tactical asset allocation. In 1981, he moved to London where he established Cursitor-Eaton Asset Management, a money management firm where he was CIO. In 1995, when Cursitor-Eaton had reached US$10bn in assets under management, Charles and his partners sold the firm to Alliance Capital, where he remained until 1999. In 2000, Charles launched Gavekal in Hong Kong with his son Louis-Vincent and friend Anatole Kaletsky. The key driver behind Gavekal was the idea that China was set to be an ever-bigger part of the global economy and financial markets. Charles moved to Hong Kong in 2003 and remained there until 2015, when he moved back to France.

In his spare time, Charles reads and sometimes writes books. His first book, Des Lions Menes Par des Anes, written in 2001 at the time of the euro’s launch, was a best seller in France and has gone through several re-prints. His first book written in English, Our Brave New World (co-authored with Louis), published in 2005, was a top-100 seller on Amazon that year. His latest book, Clash of Empires: Currencies and Power in a Multipolar World, also written with Louis, reviews the investment consequences of the breakdown in the US-China relationship.

When he is not reading or writing Charles can be found on the side of the pitch of the Biarritz Olympique Pays Basque, the professional rugby team he owns with his son Louis, and which he hopes will soon return to its glorious recent past.

Charles has been married to Chantal since 1966. Together they have 4 children and 11 grandchildren.

Simon oversees all output from Gavekal’s global research service and frequently appears on webinars and video interviews in the role of interrogator. He occasionally writes on political-economy developments in Asia, which is his expertise. Before joining Gavekal in 2012, he was an analyst at Blackrock and hedge funds based in London and Hong Kong. His early career was spent as a journalist working for media outlets including Bloomberg News and the South China Morning Post.

Andrew is the director of China research for Gavekal. He manages the Dragonomics research team in Beijing, writes and comments on the Chinese economy, and speaks regularly to business and academic audiences.

Andrew has been writing about China since 1998. Before joining Gavekal in 2011, he was an award-winning reporter for The Wall Street Journal and Dow Jones Newswires in Beijing and Hong Kong. Andrew was born in New Orleans, Louisiana, and educated at Reed College in Portland, Oregon.

Andrew also blogs about China, economics and other topics at andrewbatson.com.

Will worked temporarily with our research team in 2005. We decided it was a good fit, so in 2007 he moved to Hong Kong to join permanently. Will is now our lead analyst on the US economy. He also helps manage the global research team. Will has a master’s degree in economics from Mises Graduate School, and a bachelor’s degree in business and economics from the University of Oklahoma. Will speaks English (including the occasional "y'all" in conversation), and is a struggling student of Chinese.

Will writes on a range of topics, but his key areas of interest include US monetary policy, business cycle analysis, demographics, the relationship between corporate profitability and interest rates (a la Knut Wicksell), valuations, and asset allocation.

Victor Luk joined Gavekal in 2005 after spending a year as an intern. From 2005 to 2012, Victor led quantitative research efforts at Gavekal Capital. In 2013, Victor was promoted to head the risk analysis for Gavekal’s fund management strategies. Victor is also in charge of the group's IT infrastructure and information security. He graduated from the Chinese University of Hong Kong in 2005 with a Bachelor’s degree in information engineering. Victor is a CIPM designation holder. He is also a holder of the Chartered Financial Analyst designation and the Financial Risk Manager designation.