Weekly Newsletter – November 10, 2023 – A Time to Remember
For the past 104 years, the 11th hour of the 11th day of the 11th month—the time when World War I ended in 1918—has been a time to remember those who lost their lives in war. Although the Great War (the original name for World War I) was thought by many to be the War to End All Wars, the outbreak of World War II in 1939 and many other wars since have revealed such hopes to be naïve.
So, with November 11 tomorrow, not only should you take some time to remember those who died in war, but you should also reflect on the perennial human capacity to delude ourselves into thinking that this time will be different; that the lessons of the past no longer apply to the present.
As events in Ukraine and the Middle East show, war is still sadly with us. Similarly, the belief that the old rules no longer apply has often led to major financial malfeasance. The recent conviction of Sam Bankman-Fried for fraud is a salutary reminder of the dangers of hype as the basis of wise investment decisions.
Only by remembering the mistakes of the past can we do our best to avoid them in the future, whether avoiding war or safeguarding your financial security.
