The Letter Every Retail Investor Avoided

In your December 2017 client letter, you said that every retail investor avoided and about half a dozen professional investors thought it was great. Not a single retail investor or single client emailed me with the same thing. And as I said at the very beginning of this, portfolio management's for keeps. It's what delineates the really good people. This was the only letter I ever wrote about portfolio management. Half a dozen big name hedge fund managers have emailed me and said how much they liked that letter.