“He who knows when he can fight and when he cannot, will be victorious.”
The Art of War, Sun Tzu
As expected and discussed in our previous Quarterly Letter, the first three months of 2014 were volatile and eventful. Equity markets around the world struggled to find direction, new Fed Charwoman Janet Yellen was possibly misunderstood by financial markets after her first press conference and Mr. Putin decided to take advantage of Ukrainian instability and annexed Crimea among global outcry.
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