While in this case we would have made more money if we were less balanced, we certainly wouldn’t have survived and succeeded long enough to be in such a position if we’d approached our investments in that way. The 2008 debt crisis was another one of those like the one in 1982, which were both like many more before them and many more that will come. I enjoyed reflecting back on my painful mistakes and the value of the principles they gave me. When the next big one comes along in twenty-five years or so, or who knows when, it will probably come as a surprise and cause a lot of pain unless those
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