True and false lessons from the 2008 crash

A few days ago, I came across an article that was more than a decade old but which is worth a careful re-read. It was an excerpt from a letter to investors written by US fund manager Seth Klarman in 2009. 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 have been learned and 10 that should not have been learned, that is, false lessons. You can google and read the whole set, but I find a few of them of especially great utility to Indian equity investors - not just currently, but always. Here's one: Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conse