“Failing to understand the lessons of history more than anything is what dooms investors to be victimized repeatedly cycle by cycle.” Howard Marks
Can you guess which part of the cycle we’re in?
If you didn’t realize stocks could fall 25%, you never should have been invested in the first place. Only 15 months ago they fell 20%. About a decade ago they were chopped in half, and a decade before that they fell 40%. This happens sometimes. The best investors realize that, prepare for it ahead of time, and capitalize on it. The worst investors don’t have a plan and make irreparable decisions in a moment of stress and panic. It’s easy to think of yourself as a good investor in a year like 2019 when everything was up 20%. If you’re truly a good investor, now is the time to prove it.
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