“Everybody’s all surprised every time this stuff happens. It surprises me everybody gets surprised because it happens every year like this that there are surprises. The most surprising thing would be if there weren’t any surprises. So, therefore, in the final analysis, none of it’s really that surprising."
- Mike Leach football coach
Coach Leach's language may be convoluted, but the message is always the same. There will be surprises. Of course, sometime there are good surprise and other time there will be downside surprises.
These are the risks that we face. It would be unusual if there were no surprises. Hence, the good investor should expect and prepare for any surprises. You will not be able to predict them, but you can try and mitigate their effects.
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