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.”
December 12, 2018
For the past decade, the overwhelming and universally accepted narrative in the investment world has been, “no one can beat the market due to the 1% management fee.” Nothing could be further from the truth. The real cause of active management underperformance has been the high, and historically unusual, degree of stock market correlation. It...