In his 2007 letter to shareholders, Warren Buffet famously wrote, “You only learn who has been swimming naked when the tide goes out.”
At the time, he was referring to the housing bubble and ensuing fallout, but the wisdom of his words and the awkward mental picture that accompany them remain.
It’s easy to take on additional risk when times are good. Still, economies are cyclical, and the tide does eventually go back out—knowing that it’s easy to assume that we can also be cyclical as inve...
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