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Ledley and Mai understood the value

of their constitutional diffidence, but

others were so spooked by it that they

gave up the chance to invest money

with the two—in effect, sacrificing millions

of dollars to their prejudice

against FUD. “What’s amazing with

Charlie Ledley,” says Boykin Curry,

who knows him well, “is that here you

had a brilliant investor who was exceedingly

conservative. If you were

concerned about risk, there was no one

better to go to. But he was terrible at

raising capital because he seemed so

tentative about everything. Potential

clients would walk out of Charlie’s office

scared to give him money because

they thought he lacked conviction.

Meanwhile, they poured money into

funds run by managers who exuded

confidence and certainty. Of course,

when the economy turned, the

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