During my eighty-seven years, I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”
July 17, 2018
The active manager cannot control his own destiny in times of high market correlation, but when correlation is a normal 26% - or lower - he can “hammer” the market. Correlation is the degree that different securities move together in tandem. The norm of 26% goes back close to a hundred years. Sudden increases in correlation are always...