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# portfolio-construction3 quotes

PORTFOLIO-CONSTRUCTION

Most portfolios are secretly betting on growth and low inflation. They just don't know it. True diversification means being prepared for everything.

diversificationportfolio-constructionBridgewater research note, 2012

Gold is not an investment. It is insurance against monetary disorder.

goldmacroFirst Eagle shareholder letter, 2005

Diversification is protection against ignorance. If you know what you own, you don't need to own fifty things.

concentrated-investingphilosophySequoia Fund shareholder presentation, 1992