A few days ago, I came across an article that was more than a decade old but is worth a careful re-read. It was an excerpt from a letter to investors written by US fund manager Seth Klarman. The letter was written in late 2009 or early 2010, and the excerpt consists of lessons that were either never learned or were forgotten by most market participants during the global financial crash of 2008-2009. There are a total of 20 lessons that should