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Markets Fall After Powell Warns of ‘Pain Ahead’

Good evening:

"Avoid big losses. That’s the way to really make money over the years.”- Julian Robertson

Robertson, the Wall Street investor who with a handful of others pushed short selling into the mainstream, helped to create the modern hedge fund industry. He died on Tuesday at his home in Manhattan. We begin this week’s note with his quote on avoiding loss, a particularly helpful reminder amid these choppy waters. One day markets are ripping into the close, the next they’re diving lowe...

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