![]() ![]() ![]() We will say this about all that: there is nothing remotely clear or obvious about making money in AI. ![]() It should be noted that market activity overall in the calendar year 2023 has been almost completely driven by a handful of large, technology-oriented stocks that have either explicitly or belatedly attached themselves to the artificial intelligence ((AI)) bandwagon, which despite being around in some form for years, is now the belle of the ball. This process, as we can attest, can seem to be maddeningly random and contrary to our desires, which of course would be "1% a month." But it sure is a lot more fun when things fall our way! ![]() So our near-term performance is the result of idiosyncratic changes in the perception of our investments by the world at large, but in the longer run the public value of our investments will tend to coalesce around reasonably proper estimates of actual value. different from the indices to which we are commonly compared. We would again note that we think intelligent portfolio concentration is part of the value we offer partners for our active management fee, and thus shorter-term results can. Our performance continued its solid upswing in the second calendar quarter of 2023 on both absolute and relative terms.
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