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“Sometimes the best investments are precisely the ones you cannot explain and probably make no sense.” 

— Richard Toh

When I started writing this newsletter nearly four years ago, I kept the subject matter high-level — mostly because I didn’t understand the low level.

That’s not what I expected it to be.

Instead, I expected it to be like the morning notes I sometimes wrote for clients in my previous job as an equities trader — notes that were mostly just a rundown of news taken from a Bloomberg terminal that the clients also had but were too lazy to look at (people used to…

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