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A Picture Can Paint a Thousand Words
Careful readers of the PMA monthly cover letter know that we strongly believe that long-term returns are the returns that truly matter to the investment success of individual and institutional investors. Nevertheless, sometimes looking at short-term returns can be an illuminating exercise, and as we finish up the first half of 2018 we thought it was worth reviewing the first 6 month of this year as a way of reinforcing some timeless investment ideas.
Plenty has been written about the stock market, but sometimes a picture can convey an idea as powerfully and concisely as words.