In their market baskets of stocks are undoubtedly a fair number of companies that are poorly managed. This certainly does not reflect an efficient or thoughtful allocation of capital - a scarce resource that impacts the use of other limited resources in our society. Owners of capital and professional money managers who act as their agents have an important stewardship obligation to invest in enterprises that will use resources as productively as possible and maximize shareholder returns. Only active management can accomplish both objectives. Past performance may not be indicative of future investment results.
Any investment involves potential risk, including potential loss of capital.
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