It is a frustrating world

I was not at this year's Camp Kotok, a select annual gathering at which a group of serious professional investors and market commentators spend a few days on the shores of a lake in Maine, chewing over the outlook for the financial markets. In fact I have to admit that I have never been invited to this exclusive event. That may be just as well, as I have never quite seen the attractions of fishing, which appears to be the main form of recreation in the further reaches of that cold but lovely north eastern American state.

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