“Most fund managers are aware the market has gone bananas. What they do not and cannot know is when the madness will end. If they are going to stand out for sanity, they must have stalwart clients who will back their judgment even if the result is poor performance over a number of years. Unfortunately, such clients are rare. It is, therefore, more reasonable to blame the clients than the fund managers.”
-Andrew Smithers Mars 13, 2000.
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