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Bill Bernstein on Financial History, Star Managers & The 4 Pillars of Investing | #490

The Meb Faber Show - Better Investing

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The Black Swan

When someone calls something a black swan, what that almost invariably tells me is they haven't read enough history. For example, 2022, what happened in the bond market was unprecedented. There have been bond market crashes just as bad as that. And yet there were people who thought it was a good idea to buy long bonds in 2020, 2021.

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