Doug Kass: Lessons Learned.

Over at the street.com, Doug Kass today discusses {in the context of delivering his 15 surprises for 2013} five core lessons he has learned over the course of his investing career:

• how wrong conventional wisdom can consistently be;
• that uncertainty will persist;
• to expect the unexpected;
• that the occurrence of black swan events are growing in frequency; and
• with rapidly changing conditions, investors can't change the direction of the wind, but we can adjust our sails (and our portfolios) in an attempt to reach our destination of good investment returns.