Pithy Lessons Learned From Iceland

Pithy lessons learned from 2008 financial crash in Iceland – lessons I summarized from a Vanity Fair article by author Michael Lewis.

  1. Focus on your core competency – (hint: it usually isn’t investment banking)
  2. Leverage kills. Again, and again and again. Don’t we EVER learn?
  3. Speculation: if you play, you better know when to leave the casino. Preferably before you lose your shirt.
  4. It can happen to you
  5. Managers: Focusing solely on the numbers can kill you.  Investors: 14% returns should ALWAYS make you suspect.
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