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3min chapter
TIP562: How to Cope With Market Cycles
We Study Billionaires - The Investor’s Podcast Network
The Seed Change in the Machine
A seed change, in my way of thinking, is a change in the machine. People are going to do things differently post the seed change than how they did it before. I started this business in the late 60s and at that time a fiduciary was somebody who would buy high quality assets for the beneficiaries,. Michael Milken and others had the idea that the prohibition on issuing below investment grade debt was excessive.
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