Human Nature Repeats

The most frustrating thing about crashes is how predictable they look in hindsight and how invisible they stay in real time. Each generation believes it has learned from the last crisis, yet the same behaviors return.

Greed during booms makes caution feel foolish. When everyone around you is getting rich, staying on the sidelines takes extraordinary discipline.

Fear during busts is just as destructive. Panic selling locks in losses at the worst moment. The best investors resist both the euphoria of booms and the terror of busts — a feat very few manage consistently.