That’s enough, Charlie. Don’t show me any more figures; I’ve got the smell of the thing now.

—Henry Ford (1863–1947) to Charles Sorenson, his lieutenant

Certainty generally is illusion, and repose is not the destiny of man.

—Oliver Wendell Holmes, Jr. (1841–1935), The Path of the Law

The greatest gift is the power to estimate correctly the value of things.

—Francois, Duc de La Rochefoucauld (1613–1680), Maximes, 1664

Investment management is simple but not easy. It is simple because the principles of successful investing are relatively few in number and are easy to understand. Although clients face a variety of risks in the management of their money, the two most important ones are inflation and portfolio volatility. The extent ...

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