Ann: Quarterly Activities Report and Appendix 5B, page-20

In response to the oft quoted 'Warren Buffet' I'd like to add the following quote:
"In ranking the greatest investors of all time, Cullen Roche, founder of Orcam Financial and the man behind the Pragmatic Capitalism blog, put Markowitz at the top of his list, though he’s fully aware that other high-profile types tend to dominate the discussion when it comes to investing.
But, as Roche points out, it is virtually impossible to replicate their performance. “Their underlying models and processes are impossibly complex, sophisticated and at least partially due to luck. We often think of the greatest investors as those people who simply performed best,” Roche wrote. “But the greatest investors are not merely those whose performance was outstanding, but those people who constructed a process by which more people outperformed thanks to the lessons they provided.”
Roche says “a more objective and useful list” based on influence would lead him to give Markowitz the crown, followed by John Bogle and Benjamin Graham.
He added that many believe Buffett should also be in the second group because of the timeless lessons he has provided. Roche, however, disagrees.
“I have found much of Buffett’s commentary to be contradictory,” he wrote. “For instance, he berates active stock pickers, but continues to be an active stock picker. He berates high fee managers, but spent most of the early years of his partnership charging very high fees. It’s hard for me to tell what he really believes when his actions don’t always support his words.”
On the other hand, Markowitz’s revolutionary work in modern portfolio theory decades ago has been credited with an investing sea change that resonates on Wall Street to this day.
By Shawn Langlois
Published: July 14, 2018 9:20 a.m. ET
https://www.marketwatch.com/story/t..._medium=referral&utm_campaign=zergnet_3085858

Aphorism: do not give any satisfaction to those who have their expectations unfulfilled.