Alex Preston. The bleeding city (№ 377824)

What if markets are not cyclical? Who said that must be some cycles? Just we have been taught, that's all. We are invited to believe that because it happened once in the past. But if the market has taught us anything, it's primarily the fact that the past is the future is not a decree. Remember how we convinced each other that everything will be fine? Why? Because it followed from models? And they were wrong, because it defines the future based on past experience. But the story is just a story.