John Kenneth Galbraith wonderfully put in the foreword to his book “The Great Crash – A Classic Study of That Disaster”: “As a protection against financial illusion or insanity, memory is far better than law. When the memory of the 1929 disaster failed, law and regulation no longer sufficed. For protecting people from the cupidity of others and their own, history is highly utilitarian. It sustains memory and memory serves the same purpose as the SEC, and, on the record, is far more effective.”
To add to what Galbraith wrote: Even the law has to be remembered.
Read “Riding The Roller Coaster – Lessons from financial market cycles we repeatedly forget” again and again.
#RidingTheRollerCoaster – 138