A lesson I learned from the covid crisis: should have had more cash on hand to invest when the markets dove

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Yep! Most didn't have this luxury and were fighting for survival because they had no margin of safety and too much debt.

It reminds me of a quote from Howard Marks: "Believe me, there’s nothing better than buying from someone who has to sell regardless of price during a crash. Many of the best buys we’ve ever made occurred for that reason" and " Since buying from a forced seller is the best thing in our world, being a forced seller is the worst. That means it’s essential to arrange your affairs so you’ll be able to hold on—and not sell—at the worst of times."

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