Investing is a bit like exploring a remote jungle. It’s probably not a good idea to recklessly charge through the forest, believing we can tell where every snake, spider, or jaguar might be hiding. We just cannot possibly know. But equally, we won’t get very far if we try and hike in full body armor. The best approach is to be cognizant of the risks that surround us, so we can react calmly if they emerge, but to keep moving along our predetermined path and deviate only if we see clear openings or obvious danger en route.   If you roll the dice often enough you’ll roll snake eyes eventually. … Continue reading Alexander S. Friedman