I believe that there is an important kernel of truth in the idea that financial errors recur every other generation.

Nothing beats a little cash in a bear market, of course, and the oldest form of cash is gold.

In almost every walk of life, people buy more at lower prices; in the stock market they seem to buy more at higher prices.

Progress is cumulative in science and engineering, but cyclical in finance.

I believe that there is an important kernel of truth in the idea that financial errors recur every other generation.

Debt is always repaid, either by the borrower or by the lender.

The 1980s are to debt what the 1960s were to sex. The 1960s left a hangover. So will the 1980s.