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Sometimes It’s Better to Swim Alone

September 24, 2007
Phil Nussbaum

As many of you are aware, we have a passion for evaluating risk/reward tradeoffs. Virtually every financial decision is about measuring risk versus reward. One of the general truisms of investing is that commodities are rarely very good risk/rewards. To quote Warren Buffet, “it is harder to be smarter than your dumbest competitor in a commodity market.” Put another way, the most opportune risk/rewards are frequently found off the beaten path. But just because an opportunity is off the beaten path does not necessarily mean it is a good risk/reward.

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