Take a gander at the takeaways from this “thought piece.” One can make fun of the history of UN fecklessness, but this line of thinking is our world today. The collective “we” are facing consequences for an inability to accept that we cannot afford to have it all, we cannot ignore the risk part of “risk/reward,” we cannot expect to get bailed out by mommy and daddy at the central banks without a reckoning at some point and some people are just plain mean and near crazy and have guns and nukes and seem to operate outside of what is considered normative behavior as defined by the chattering classes.

There is no new information here and “we” have been here before in some odd rhyming way. Don’t try to be a hero, don’t hide in a dark room, eliminate mistakes that now seem self-evident, and carefully lean into the opportunities that present themselves. “Be greedy when others are fearful” is the correct lens, but neither we, nor Buffett have ever been able to call a bottom.

And the self-serving note, smallcap is a different world. If you are looking to allocate meaningful capital, you HAVE to start somewhat early because that is when we see the liquidity. It’s all about a full position with an average cost of $14 rather than a tiny % position when you made the bottom at $11, if the stock goes to $30 in three years.