Hedge funds

Thornburg Value On The "Coin Flippers" Of Graham & Doddsville

Thornburg Value Fund Q4 2014 letter to investors
Two quarters ago, we wrote about how boring a time it was in U.S. equity markets. Last quarter, things grew a little more interesting. In the most recent quarter, markets turned much more exciting – and volatile.

Crude prices continued their decline from $98 earlier in the year to $54 late in the quarter. Foreign exchange markets suffered tremendous volatility, with the dollar strengthening against almost every . . .


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