For the past two years, the investment partnership that I manage has not performed well, contrary to the eight years before that. I am not the first person in the investment business to encounter a period such as this. Many others before me have had correct analysis, but first had to endure a period of sometimes as long as three years where they appeared to be wrong. There are too many of these instances to cite even a handful of them in this column, so I will simply focus on two very prominent individuals as examples.
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