Notebook: are investors being too complacent?

As we move into the second half of 2017, there are plenty of interesting perspectives to ponder on the outlook for the market. Ever since my career-changing year at MIT 25 years ago, my investment philosophy has been rooted in the belief that there are a small number of professional investors of skill and integrity whose views are worth considering carefully, however divergent their vantage points may be. They include the fund managers whose funds make up the successful Investment Reader portfolios and the ones I therefore track most closely ("Put all your eggs in one basket and watch that basket!" as Mark Twain famously opined).

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