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MARKETS, MUCH AS OTHER COMPLEX SYSTEMS SUCH AS TRAFFIC PATTERNS AND THE BEHAVIOR
OF BEES, SEEM TO OPERATE IN UNPREDICTABLE WAYS. GREATER INSIGHT INTO THE BROADER
UNIVERSE OF FORCES THAT AFFECT POSSIBLE OUTCOMES GIVES US BETTER TOOLS FOR PREDICTING
THE RESULTS.
Michael Mauboussin
Chief Investment Strategist
Legg Mason Capital Management
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