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Decades ago, Benjamin Graham explained the stock market was like a voting machine in the short run. It tallied which companies were popular and unpopular based on investor sentiment. That sentiment or conviction was based on some sort of fundamental or technical rationale. In the long run, however, Graham said the stock market was like a weighing machine. It assessed the substance of a company’s business performance; rewarding winners and punishing losers. At least, that’s the way the stock market used to work

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Much has been written over the past several years dissecting reasons for the disappointing results of the hedge fund industry overall. Critics decry mediocre returns, the tendency to lag the overall market, and steep fees. What most critics fail to point out, however, is the lack of usefulness in focusing on aggregate hedge fund performance. With hedge funds currently numbering somewhere north of 14,000, the array of investment choices a buyer of such funds might make is staggering. But the vast majority of these hedge funds have, for reasons good or bad, failed to live up to their hype

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The world is entering the final 10 years of the old technological paradigm, and within the next decade we will experience the most profound technological revolution of the last 100 years. This historical inflection point will lead to a fundamental overhaul of the way we think about energy, transportation and manufacturing. Technological changes will force societal, political, and macroeconomic changes. The way we think about global and emerging markets will also change

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