Is The Past Prologue?
One of the most dangerous phrases in investing is “this time is different.” Individual circumstances often feel unique and can lead us to believe that the path we’re headed down has never been traveled. But, as the wise sage King Solomon quipped, “there is nothing new under the sun.” This is true as historical patterns tend to repeat themselves, and it is also very relevant for capital market cycles. With this as context, it is worth asking what can history tell us about the current environment and the potential future path of the economy and market?
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