Those who cannot learn from history are doomed to repeat it and I, for one, would really rather not ...
Those who cannot learn from history are doomed to repeat it and I, for one, would really rather not relive the past 18 months thank you very much. So what have we learned? Two lessons. First, mankind's ability to act out a collective death wish is limitless. One strand of my (mistaken) belief that the wheels would not actually fall off was that surely we could not be that stupid. Apparently we could. Second lesson: when market participants are in self-destruct mode, valuation means nothing. I accept no-one really knows what valuations are, dividend cuts, earnings collapses and provisionin...
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