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  1. JIM says:

    Excellent letter and message. Too much capital = lower returns. I have seen this repeatedly in the energy SECTOR. AS ANTHONY DEDEN RECOMMENDS, “SEEK SCARCITY”. I WOULD MODIFY THAT IN THE INVESTMENT SECTOR TO “SEEK SCARCITY OF CAPITAL”. AND, WHEN CAPITAL DOES ARRIVE (USUALLY IN DROVES), SELL.

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