The declining market in the wake of these events has humbled most investors. All great investors have been humbled in the market but they learn from their experience.

One lesson learned is that in humility, things become clearer and then one can usually make the best investment decisions.

During the clarification of our strategies, we find that our investment beliefs have been compromised. Some of these are shared beliefs that become stronger in good markets, but are unmasked as ineffective in crisis.