A crisis may not be welcome, but it can be valuable. When the world is spinning gloriously without interruption, complacency can emerge. That is when bad habits start. Forgetting the lessons of the past. A little bit of hubris that outcomes were determined by skill, not luck. Believing that things work differently now.
For investing, it’s a reminder why you stay within the lanes. Swim between the flags. Ski on-piste. Colour within the lines. Have some rules that apply no matter the conditions. COVID-19 came out of the blue.