I remember my parents having a conversation at the breakfast table when I was eight years old. My mother claimed that stock investing was a form of gambling because you can gain money or lose money and you never know in advance which it is going to be. My father strongly disagreed. He said that investors are buying shares in real companies when they purchase stocks and that the fortunes of the companies are determined by economic realities. Today I believe that both of them were accurately describing a significant part of the stock investing experience. Q1 2022 hedge fund letters, conferences …