By Niels Jensen
The Absolute Return Letter, June 2013
“Those who have knowledge don’t predict. Those who predict don’t have knowledge.”
Lao Tzu, Chinese philosopher, 6th century BC
Several years ago, off-duty airline pilot Robert Thompson walked into a convenience store somewhere in the United States; however, having just entered the store, he turned around and left again without buying anything because, as he would later testify, something about the place spooked him. Was it the customer wearing a heavy jacket despite the hot weather? Maybe the shop assistant’s intense focus on the customer in the jacket? Or was it the single car in the parking lot with the engine running? Whatever drove him to walk out of there, Thompson’s decision was the right one. Shortly after he left the sto...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Niels is a founding Partner of Absolute Return Partners LLP and its Chief Executive Partner. He is a graduate of University of Copenhagen with a Masters Degree in economics. He has 25 years of investment banking, private banking and asset management experience.