This PBS video clip is a very poignant worm hole into market history and the cycles of investor behaviour that keep repeating. This segment aired in 1997 less than 3 years before that cycle bubble finally popped. 12 years later, investors that tried to buy and hold at every price have suffered all pain and no gain. Watch Betting on the Market.
For those that have lost heavily again in the recent bear market, this may be a pretty painful clip to watch. But the fact is that delusional investor behaviour is the regular recurring cycle with money and markets- throughout time!
Impossible as it may seem today, a few years from now, markets will no doubt be higher, and the same exuberance will begin rearing its ugly head. The question is who will remember the lessons learned this time? Next time someone starts explaining why “this time is different” and the market cycle has been abolished…smile politely and run, run, away.
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