In depth 

Letters from America

Letters from America

Friends, partners, family – this is not the beginning of a wedding speech, these are salutations used by American money managers in their quarterly letters to clients. Cringeworthy addresses aside, the notes issued by companies that manage billions of dollars are a treasure trove of market insights, investment strategy and, in the case of bad funds, live case studies of cognitive dissonances that can lead to failure.

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