Wall Street, wrote a satirist, is full of experts who have never been wrong once — in retrospect. But as this year winds to a close, let me reflect on the wisdom of someone who was rarely wrong, even at the time.
My old friend Peter Bennett, a money manager based in London, died last summer. He was in his late seventies. He handled money for a small number of wealthy clients, and kept a low profile. And he had managed the astonishing trick of beating stock-market indexes over decades, in all kinds of environments, with much lower risk.
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