First, the standard disclaimer: Past results are no guarantee of future success. The markets are always changing. There is risk, i.e. the "known unknowns," and there is uncertainty, "the unknown unknowns." Of course, that's what makes real markets interesting. If we knew what would happen with 100% certainty, then no one would pay attention. Yet like the movie "Zero Dark Thirty," if we know something with (near) certainty, but no one else does, then things get very, very interesting. Real Markets. Past results are no guarantee of future success. Nothing in this blog constitutes investment advice.