William Smead Chief Executive Officer Chief Investment Officer    Dear Clients and Prospective Clients: In his wonderful book A Short History of Financial Euphoria, John Kenneth Galbraith wrote that human beings ascribe higher and higher levels of intelligence to people based on how
William Smead Chief Executive Officer Chief Investment Officer   Dear Clients and Prospective Clients: 1. What have U.S. stock markets which fell 35% or more done in the few months after plunging to a violent low? Answer: There are two possibilities which have occurred.
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