J Studios/DigitalVision via Getty Images LETTER TO INVESTORS "The essence of strategy is choosing what not to do." – Michael Porter England experienced a period of strong prosperity in the late seventeenth century. The economy thrived due to good harvests, strong foreign trade, and the influx of Dutch and Huguenot immigrants, who brought capital and skills. Easier credit emerged through a market in merchants' bills of exchange. Trading companies prospered, posting high returns that fueled speculative in ...