For some time I’ve wanted to devote part of a client letter to a discussion of some of the factors that cause the short term volatility we see in financial markets—especially since these factors have changed so much in the last ten years . . . Until now, I’ve refrained from discussing short term swings for two reason. First, my investment approach is focused on long term analysis . . . The second reason I’ve avoided discussing short term swings is that the discussion can be a little technical. . . . Nevertheless, I think it’s time to give this a try—especially since I feel that a better understanding of short term volatility can make us better long term investors.