In this issue we feature an FT article on the efficient markets hypothesis turning 50, Fundsmiths annual letter, a video from VINY with Howard Marks, an FT article on Hedge Fund returns in 2019, the latest memo from Howard Marks, a Visual Capitalist map of the $5.75 trillion ETF industry, an interview with Peter Lynch, a Behind the Balance Sheet piece on Amazon’s free cash flow, an FT article on how investment banks have cut their research departments due to regulatory changes, why “Value Investing Sucks” and a CNBC article with some comments from Seth Klarman’s recent letter that “the rocket fuel feeding this rally will soon run out”.