"When the same or closely similar circumstances occur again, sometimes in only a few years, they are hailed by a new, often youthful, and always supremely self-confident generation as a brilliant discovery in the financial and larger economic world. There can be few fields of economic endeavor in which history counts 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."
-John Kenneth Galbraith, A Short History of Financial Euphoria
It is the perfect time to revisit Galbraith's book. Not knowing and understanding the history of financial markets is a great way destroy wealth.
We're at the point where neophytes to the equity markets and those who know nothing but up markets are saying, "This time is different." If there were still shoe shine boys, they would be readily giving their patrons stock advice (Super Dog, for you grizzled veterans) Woo… No thank you!
Enter at your own risk!
Be smart, be well-read, be aware and be successful.
