Schwab’s annual industry conference, Schwab Impact, was held in Denver last week. The conference offered two memorable keynote speakers in former Fed Chairman Ben Bernanke, and our 43rd President George W. Bush. They both offered authentic recollection of the financial collapse in 2008, and the September 11th terrorist attacks on U.S. soil.
We’ve all been told before that “history doesn’t repeat itself, but it rhymes,” and “those who cannot remember the past are doomed to repeat it”.
In the investment world, there’s a lot of truth in those quotes. The economy, the business cycle, and the markets all have observable patterns: expansions & recessions, growth and decline, bulls and bears.
People often approach me at cocktail parties asking for my view of the investment climate and/or sharing theirs. While I go to such functions purely seeking to enjoy great friends, food and drink; I’m always happy to oblige.