As you read this letter, we’ve been experiencing something that hasn’t occurred on Wall Street since 2011 – a stock market correction. Corrections are unsettling, yes – and they are also part of any ordinary bull market. Historically, they have occurred about every 18 months. This current bull is extraordinary – the S&P 500 has sailed along without a correction since October 2011 – the third longest interval without a correction in the past 50

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