"On the way, I shared the backseat of Feyerabend's little sports car with the inflatable raft he kept there in case an 8-point earthquake came while he was on the Bay Bridge."

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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. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.

— Seth Klarman