Every Crisis Feels Unprecedented Until the Data Is Extended
Every generation thinks its crisis is unprecedented because it experiences the uncertainty firsthand. The details are always different, but markets repeatedly cycle through leverage, liquidity stress, forced selling, and policy response.
Historical analogies are useful only when they clarify mechanism rather than promise a repeat. Ask what is similar, what is different, and which variable would invalidate the comparison.
Zooming out does not minimize real risk. It prevents the present from becoming the only data point. A longer record can make the decision calmer without making it complacent.
