2013 Lesson: Stick with Long-Term Ideas

Looking over my columns in 2013 (and slightly before, since some major moves started in late 2012), I can say I got the big themes right — a continuing bull market in stocks; the irrelevance of the budget crisis in Washington; the imminent danger facing bonds; and the persistent weakness of gold.

Unfortunately, my short-term record was mixed. And when I departed from long-held views, I lived to regret it.

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