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My Investment Letter: Words of Advice for My Grandchildren

One of the great joys of my life is seeing my four young grandchildren growing up: learning to crawl and then walk, learning to talk and read stories, learning to ride bikes and play computer games—learning in all directions how to do all sorts of things. Of course, they want to do all these things well: It’s more fun and wins praise.

It is way too early for my grandchildren, all under 10, to learn what they’ll need to know—and will want to know—about how to be successful at investing. But that time is surely coming, and being successful in investing will be very important.

After 50 fascinating years of working closely with nearly 100 investing organizations, knowing many of the world’s most effective and successful investment managers, teaching the advanced investment courses at both Yale and Harvard, writing over a dozen books and serving on 14 different investment committees, I’ve received a remarkable and treasured education in investing: theory and concepts, professional “best practices” and the realities of investing’s history.

Having enjoyed this remarkable learning opportunity, I’d certainly like to share my understanding of investing with my adorable grandchildren. But, by the time they’ll be really interested in learning about investing—in, say,

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