On October 21st of 2010, John Paul Tudor Jones II sent a letter to his clients titled “A Tale of Two Policies” (I included a link to that letter just above). I remember seeing a reference to the letter a few months back in social media, glancing at some highlights of the letter, and moving on. I read the letter again today, but more thoroughly, and I think it is timely for us all to read this letter again, if not read it for the first time.
I loved the letter for two reasons. First he used an anecdote of how
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