Here’s Howard Marks quoting John Kenneth Galbraith.
This I suspect is timely!
When things go well, people tend to think the good times will roll on forever. In fact, not much time has to have elapsed since the last correction before cyclical history is overlooked in its entirety. Thus it’s appropriate to again cite John Kenneth Galbraith’s observation regarding attitudes toward history:
“There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present.”