The Importance of Understanding the Operating Environment

I think people need to be careful about that and I think that's if people are listening carefully that's what you're really trying to get across isn't it yeah exactly. People have been talking about how interest rates are going to rise for the last five years God in Japan I mean people have been having this discussion for so long that it's become called the widow maker trade again. We don't deal in certainties we deal in probabilities and that's really an essential understanding of building a portfolio that is likely to succeed none of us know exactly what's going to happen.

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