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I’m reading Peter Bernstein’s latest newsletter, and he starts it off with this quote:
Above all, let us recognize that the future will not look like the present. In the 1920s, we were told we would never have a depression. In the 1930s, we were told that the economy would never pull itself out of stagnation (without government help, that is). And in the 1950s, we were told that the wage-price spiral will never stop spinning and that inflation will go on forever….The truth of the matter is that our economy is always changing and that no trend can go on indefinitely. The danger lies not in change but in the excesses of optimism or pessimism which result from assuming that this time there will be no change.
PLB, Harvard Business Review, July-August 1957
A nice reminder….