the painful lessons of the past:

Fail to heed the powerfully seductive but often savagely destructive sway of the crowd.

Oblivious to the impact that emotions such as fear, and greed can have on their actions, and thought processes.

Lose sight of the fact that markets invariably revert to the mean, often by way of an extreme pendulum swing in the opposite directions.

Dismiss the ultimately unbreakable connection between Main Street and Wall Street, as well as the dangerously double-sided nature of leverage.