Recently, I came across the transcript of a speech on investing. It was delivered almost 40 years ago by an otherwise forgotten investment manager of a long-gone fund management firm named Batterymarch. The speech has acquired legendary status. It has been shared on the Web and on social media as a classic: clear thoughts and fundamentally useful investing ideas. One of the most interesting bits of the speech is the analogy between physics and investing:
Can the defence sector continue firing after 100% gains?
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