Over the last several weeks, there have been a plethora of op-eds in every national newspaper and magazine, all giving ideas about how the €14 billion Apple tax repayment should be spent. Although many of the op-eds suggested myriad ways to invest the funds, I started to consider what I would do if a longer-term investor presented me with such a scenario tomorrow. In thinking about this issue more deeply, it stuck me that the pool of investible assets around the world is shrinking, and in some cases it is shrinking quite rapidly. This suggests to me that if I…

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