In normal circumstances, investment historians can use historical precedent to constrain excessive valuations (e.g., 'this industry has never sold above X% premium'), but when something is new with no history, there is no tether to terrafirma, allowing unbounded enthusiasm because it is owned by 'the brightest people' shown in headlines and on TV who have made fortunes.
causalpending
Speaker
Howard MarksEvidence Quote
“in this way attention to history can serve as a tether keeping a favored group grounded on terrafirma but if something's new meaning there is no history then there's nothing to temper enthusiasm”
Created: 8/11/2026, 7:51:42 AM
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