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“I used to think that being great at long term investing was about genius… genius is still good, but more and more I think it’s about doing something reasonable, that makes sense, and then sticking to it like grim death through the tough times”- Cliff Asness, AQR Capital Management
Hopefully your year-end activities were filled with holiday cheer from family and friends. This time of the year almost always is followed by lots of self-reflection and a strong pursuit for perspective- all with the hope of learning from the past year’s successes and mistakes. In that spirit, I’d like to take a moment to contextualize our year-end commentary a bit before diving deeper into current market color and details. Emotions have certainly filled the human psychology in the past several months, especially as it relates to investing. We’ve touched on this several times in prior editions of our commentary, where behavioral biases kick into high gear in both up markets and down markets...