For me, the lessons are first to identify great management, and second identify a good clean balance sheet. The quality and credibility of the management team are paramount, as even a good business can be ruined by bad management. The other lesson is leverage. A geared balance sheet can be... Show More
...no one rings a bell at the top of a euphoric market telling everyone to get out. It is only after the correction that you see and understand the importance of owning sound, quality companies. Those companies shares will fall too, but it will be the investors that got carried... Show More