Over the years, asset managers have bridled at the suggestion that investing in their funds is a gamble. Look to the long term, they say: our returns will pay your pension! Don’t sell in a bear market: you’ll miss our recovery! Buy Apple: you’ll never be fired!
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One response to “The Markov Chain, asset managers…and gambling”
One of the best lines from Casablanca Rains was a master of these. Followed of course immediately by
“Here are your winnings Captain Renault”