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2020 Q3 Investment Letter - (Farmer's Parable)
The S&P 500 Index returned 8.93% and the S&P Global Broad Market Index returned 8.12% in the quarter ended September 30, 2020.1 One of our favorite parables here at YCG goes as follows: Once upon a time, there was an old farmer who had worked his crops for many years. One day his horse ran …