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2020 Q4 Investment Letter (Be Adaptable)
The S&P 500 Index returned 12.15% and the S&P Global Broad Market Index returned 15.93% in the quarter ended December 31, 2020.1 In our last letter, we used a parable about a farmer to make the point that the future is incredibly difficult to predict. Furthermore, we showed that we can’t even know whether what …
