Ten years ago…

There’s going to be a lot of this “Ten years ago…” stuff over the next few weeks on the financial web but none of it is extraneous or tedious in my opinion. We have to remember it, the people, the details, the opinions, the turning points. The next crisis will be completely unique, but it will carry some observable similarities to the last crisis and, to some extent, all crises past.

Having a grasp of the nuance inherent to each situation will help prevent you from jumping like a squirrel at every broken twig. The real Next Crisis, when it comes, will look different but feel familiar.

The investment industry changes while the securities and systems of each era come and go, but the nature of the people involved with those securities and systems never changes. They will act exactly as they always have when faced with the prospect of first riches and then ruin. You can set your watch by it.

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  1. The Financial Post - Just another WordPress site commented on Sep 11

    […] While there’s going to be scads of anniversary commentary, it’s right to look back and learn, says Josh “The Reformed Broker” Brown. “None of it is extraneous or tedious in my opinion. We have to remember it, the people, the details, the opinions, the turning points,” Brown writes. […]