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 12, 2023
The enclosed chart of Fed funds is illustrative of what enabled the outperformance of active managers at the start of the modern investment era and what subsequently penalized their performance for the last 30 years. The cause: it was the dramatic rise and fall in interest rates. The chart shows, the secular direction of...