And the Climate Is

This essay reviews the investment climate changes from the 1970s to 1993. Of particular interest is the lag in perception of the changes by the public. In the ’70s, people used strategies appropriate in the climate of the 1960s, and lost money. In the 1980s, people used strategies appropriate in the 1970s, and lost money. You don’t have to predict climate changes, but you must recognize them when they occur.

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