Letters to Our Clients
Now that I am an honored member of the “gray-beard club” of investment managers, I can reminisce fondly back to the time when I first entered this business and began learning my trade with the utmost confidence of the “cute, fuzzy, teddy bear” youngster I was. I would like to share with you some thoughts of a few other “gray-beards,” but first I am going to share with you the story of “The Great Winfield” from Adam Smith’s The Money Game, first published in 1967. The story is a little long, but it is a very enjoyable and worthwhile read.
Kendall J. Anderson, CFA