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Market cycles will endure as long as humans exist

Bloomberg/Howard Marks/10-4-2018

“Four of the most dangerous words in the investment world are ‘It’s different this time.’ When people use them, what they’re saying is that the norms of the past no longer apply. . .Both these notions were soon shown to have been erroneous, and the market bubbles abetted by that optimistic thinking were popped, bringing on painful market crashes.”

Dr. MoneyWise says. . . . Old Ben Franklin said it best. “By failing to prepare, you are preparing to fail.” And I will add, we know not when the next crisis will begin, but begin it will. And when it does, only two kinds of investors will be there to greet it: Those who prepared and those who did not.

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