As always, being right on major allocations: Sectors, Styles or Countries would dictate 80-90% of returns. Especially this year! Don’t forget that 95% of Tech stocks (and many of them are Quality!) are down YTD, and 90% of Energy stocks are up YTD (and, many of them are struggling companies). Also, in reality, the notion of buying Quality stocks is another white lie: the quality factor drifts, therefore this blue-skies promise to buy quality stocks sounds like: “trust me with your money because I will buy only quality companies for you!”   I.e. don’t forget that there is a difference between a great company and a great stock…

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