Thank you Laurence Peter Berra (a.k.a. Yogi) for this eternal verbal pearl…what a way with words!
I cite Yogi’s pearl to point out suggestions on the part of a few brave market strategy types that the 2013 market is deja-vu 1982, the last time stocks lifted off for a secular bull run. This is a theme we have been promoting in kortsessions over the past year.
A Must Read !
Please, for perspective’s sake, read Mike Santoli’s article, “Wall Street in 2013 stokes misty memories of 1982.”
Santoli observes that many will take issue with this comparison due to “the unprecedented post-crisis response, daunting developed-economy indebtedness, the radically global economy and blinding pace of technological change.” They will say all this ‘makes comparison to the past moot.’
“THIS IS FALSE.”
“Details are always different in every cycle, but crowd psychology doesn’t change in its rhythms and habit. A Big Mac is dramatically different from buffalo meat eaten in the18th century, but the body metabolizes each protein molecule the same. So it is with the way markets or collections of profit-seeking, loss-averse humans–ingest and respond to information patterns.”
Bravo Mike Santoli!
Bravo, for stressing this point, because that response is continually stoked by a massive and continuing ‘wall of worry’ that the media builds on every day…a brick here for the ‘dreaded taper’, one over there for another government shut-down, another for the recent obsession over ‘bubbles’.
Feels like “Deja-vu all over again” to me, 1982 revisited. How about You?
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