Hello Umed,

This is one of the most insightful summaries of the investment business I have read. Thank you for taking the time to share it. You have encapsulated so many of the concerns that Tom and I share about investment management. I can tell that you will very much enjoy the very next piece in the series which very specifically takes on the volatility as a proxy for risk assumption.

Separately, I also enjoyed your point about free will. Investing is less physics, and more social science...and the sooner that is recognized, the sooner we can begin developing better science to help investors and clients.

Yours, in service,

Jason