What a difference a quarter can make! We examine volatility and acknowledge it as part of life for an investor. We look at a study that crafted the "Perfect Portfolio" of the stocks that outperformed all others during the past decade. We see the volatility inherent in even the perfect portfolio and agree with the authors that "Even God would get Fired as an Active Investor." Then we tell investors why they should care about Brexit and its outcome which could shape how world economies respond to populism. Read 1Q Letter to Investors
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