'This time, it's different' are the four most expensive words in the English Language.
About this quote
- What does it mean?
- Assuming current situations are unique often leads to costly financial mistakes.
- In plain terms
- Believing things are different now usually costs money.
- What can you take from it?
- History shows markets do not break their patterns just because people think they have.
Where it applies
Putting it to work
Questions to consider
- When does history repeat?
- How do you spot a false cycle?
Another view
Sometimes conditions genuinely do change, making this a risk.
More from Ludwig von Mises
Government is the only institution that can take a perfectly good piece of paper, print some noble words on it, and make it perfectly worthless.
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