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Past Performance

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE PERFORMANCE.

This is not said as a standard disclaimer, but rather a core belief. No one cannot accurately predict the future value of the stock market. Just because stocks have returned 12%/year it does not mean that they will continue to do so over the next 20 years. Stocks and Markets have a mind of their own. One exception to this rule: Because the human beings haven’t changed much in the last 2000 years,   the Past Performance of people and institutions is a good indicator of their future performance of people and institutions.