Faced with the current market environment, Carlson emphasized the importance of diversified investment: "Diversification is an admission of ignorance about the future." Despite the recent outperformance of large-cap U.S. stocks, history shows that market cycles and rotation of investment styles are the norm.

Regarding Winter: There is a privacy about it which no other season gives you ... In spring, summer and fall people sort of have an open season on each other; o

Diversification is indeed a key strategy to manage risk and uncertainty in investment. It allows for exposure to various asset classes and reduces the impact of volatility in any single investment. Carlson's insight highlights the importance of staying prepared for market shifts and maintaining a balanced portfolio for long-term growth.