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So far this century, it’s been a wild ride for investing. It hasn’t been easy to guide clients (and ourselves) through the turmoil. The graph above conveys that wild ride. Looking at it may remind you of the fear and greed cycles we all went through. Or maybe it will bring to mind the bubble paradigms that came and went, such as “cash flow no longer matters” (dot com), and “real estate can never decline” (subprime/financial). And how many times in the past 17 years have you heard, “this has never happened before?”

We can all benefit by learning from our investing mistakes thus far, and tweaking our strategy going forward. Here are 10 lessons we can teach our clients that are likely to work for the rest of the century.