This is a phrase we heard a lot on our last visit to London. Though repeated as the subway doors open, it brings other ideas to us. Specifically, the gap between the expectations of some investors and what turns out to be the reality. All bubbles eventually “pop” (or at least deflate). Among other issues highlighted in this issue of our newsletter, we ask investors to consider that all assets follow a cycle, but not all assets follow the same cycle; a broader viewpoint may be necessary for distinguishing a cycle’s characteristics.

“The market always does what is least

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