It’s been 10 years since the financial crisis. Sometimes it feels like a lifetime ago. There were some rocky moments since, but overall things turned much better than almost everyone predicted. That said, nothing’s ever perfect or permanent.
The advantage of history is the ability to revisit past experiences and keep the lessons fresh in our minds. Being a decade removed, now seems like as good a time as any to do that.
In his 2010 annual letter, Seth Klarman wrote about the 20 lessons he took away from the ’08 crisis. The best part is the lessons don’t require another crisis to be useful.
Below, you’ll find an edited excerpt from his letter: Continue Reading…