The Most Dangerous Words

The four most dangerous words in investing are “This time it’s different.”  –  Sir John Templeton

As investors ponder the ultimate extent of the coronavirus epidemic, this week’s equity market declines are of natural concern to every asset owner. The obvious question, after near-record point drops in major indices yesterday and today, is how much worse the damage might get.

To relieve your suspense immediately, I confess that I don’t know. Furthermore I don’t know anyone who does know, and I am cynical enough to suggest that anyone who claims to know should be presumed to have a tenuous (and possibly mendacious) grasp of reality. It’s not just the compliance department that keeps us from giving investment advice.

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