This Time Really Is Different
Business cycles wouldn't be cycles if there were not similarities in how firms confront changing market conditions over time. But as the current cycle nears its inevitable end, investors should not lose sight of the unprecedented technological, political, and liquidity risks that will make the next cycle uniquely perilous.
https://prosyn.org/GSo1Ccl
BOSTON – Respectable investors aren’t supposed to say, “This time is different.” But, given the market gyrations in recent months, they would do well to keep an eye on what really is different from the last time the business cycle turned.