to a great extreme and people start to say "this time it's different."
They cite the changes in geopolitics, institutions, technology or
behavior that have rendered the "old rules" obsolete. They make
investment decisions that extrapolate the recent trend. And then it
turns out that the old rules do still apply, and the cycle resumes. In
the end, trees don't grow to the sky, and few things go to zero. Rather,
most phenomena turn out to be cyclical.
"You Can't Predict. You Can Prepare," November 20, 2001
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