The letter discusses the concept of binary vs. broad-path thinking in investment strategies, emphasizing the importance of identifying future 'inflection points' that could change the investment environment. It uses the Brexit referendum as an example of a binary event that did not result in a binary market outcome, suggesting that future inflection points may be more like gates to navigate rather than fences to fall at.
doj/DataSet10/EFTA01377060.pdf
{"title":"Letter to Investors","document_date":"August 2016","document_type":"correspondence","document_subtype":"letter","reference_numbers":["DB-SDNY-0073596","SDNY_GM_00219780","EFTA01377060"]}