Thanks to James for passing this along.
This is not merely the time for the obligatory year‐end review; it also happens to be the beginning of our 20th year. On reflection, one of the most persistently irksome aspects of our business is the often Alice In Wonderland‐like inversions between investment reality as we see it and as reported in the news media—and which is the cause of so much investor reactivity and damage. There really ought to be a law. But there can’t be a law, so there will be some writing; and, taking liberties in our anniversary year, more than the usual amount.