The Shifting Sands: A Study in Calculated Retreat

These are not impulsive speculators, but seasoned navigators of the financial currents, men who, in recent years, have demonstrably outperformed the broad market—Laffont by a margin of ninety-four percentage points, Schonfeld by twenty-two. Their movements, therefore, deserve a scrutiny beyond the superficial pronouncements of market analysts. It is as if they have glimpsed a gathering storm, and are adjusting their sails accordingly.





