[Joey Joe Joe]

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We're invested with a manager who's beaten the SPX by 40bps a year after fees for 15 years...with 65-75% less volatility.

Think about that...that should be impossible! Better market performance and alpha generation with a vol 3-4x less and no correlation -- I can't even think of a metaphor describing how insanely difficult that is, but it obliterates the notion of 'luck.'



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It comes a lot closer to proving the notion of luck than obliterating it.