"This time it's different."
It's a refrain heard more often than you hear The Beatles sing the phrase "na" at the end of "Hey Jude." You'd think contrarians would have finally won the argument against the proclaimation, but those four words remain a staple of prognosticators everywhere.
Nowhere is this more true than in the realm of economics and investing. No longer are we to project our documented experience into the future.
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