Here’s the text of the quarterly letter I sent to our Portfolio Management clients in mid-March: “You can learn a lot about investing from studying the past. But you have to take a broad view, go back a long way, and examine a lot of past examples. History never quite repeats itself. But all too often, people fail to do in-depth studies. Instead they content themselves with “re-fighting the last war.” This is true of a number of investors and advisors today who are still getting over the last market plunge. Instead of trying to figure out what to do in today’s market, they are focusing on what they might have done differently in the mid-2000s, to have avoided the 2007-2009 market drop. Last October, for instance, I attended an investor conference where a number of long-time market analysts were speaking. I came late to one presentation where the speaker was running a series of slides that suggested the market was in a..