I wrote a short text to family members who let me manage their money. I thought some of my readers might be interested. =========== Start of message =========== Dear Shareholders, As we exit the year, let me summarize our Family Fund’s 2021 results and let you have a clue about my thoughts as we enter the new year. The Fund made time-adjusted returns (TWR) of >8% for the year. This roughly means that if you put in $100 at the start of the year, you would have ended up with $108 at the end. Individuals will have varied results depending on when he/she put in additional or withdrew funds. For the ones who are new to investing, this may look like a good result. I wouldn’t say I am happy; this is 2 percentage points worse than past years. Nevertheless, I would say it is still an acceptable performance, since I beat two out of three broad ETFs in the relevant countries....