Investing in the PMs is a little like being a baseball fan. You root for your team every day, even though you know that, at best, they might win 60% of their games. The only 40% are painful to watch and sometimes the losses come in streaks that seem like they’ll never end.
And we’re on that type of streak, at present. Continuing the metaphor, we made it to the All-Star break and our team is about 61-20. However, coming out of the break, we’ve begun the second half on a cooler, losing nearly every game we’ve played. Maybe this is just a reversion to the mean and winning just 60%…