The investment management business is unpredictable. Investment results are wildly unpredictable from one year to the next. Every day’s activity in the markets is unknowable the morning of or the night before. Each month’s returns across asset classes is an exercise in randomness. Even if you get the destination of an investment’s value right in…

Pandora comes out of the box, she doesn’t go back in. 

We’ll see if there’s a pragmatic side to the ideologues after all.

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