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The lessons of the last cycle


A person looking out over the city, considering the long view

Every cycle leaves a lesson, and every downturn punishes those who forgot the one before it. In my experience the costliest errors were almost never about the opportunity I missed. They were about the risk I had stopped respecting.

Reading history is not nostalgia. It is risk management. The investor who remembers how the last cycle actually felt, not how it looks in hindsight, brings a perspective that is difficult to recreate through data alone.

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