“90 percent of the game is 5 inches wide, the length of the space between your ears.”
—Bobby Jones, Golfer 1932
“Anyone who has never made a mistake has never tried anything new.”
—Albert Einstein, Scientist 1937
“You can observe a lot by just watching.”
—Yogi Berra, baseball player, New York Yankees 1956
“Greed is good.”
—Gordon Gekko, Wall Street 1987
“Bulls and bears make money; pigs get slaughtered.”
“Coulda, woulda, shoulda.”
—Every Investor 5000 BC to Present
History is our great teacher. As Yogi Berra, the Yankees great, once said, “You can observe a lot just by watching.” The past is the key to the present; if we do not learn from observing past events, we are doomed to repeat them.
In the spring of 2014, we still have a vivid memory of the financial meltdown in the summer and fall six years ago. TV commentators pleaded with investors to “get in there and sell Wilson sell.” Irate investors looked to hang their broker. Pictures of hysterical homeowners seeing years of hard work going out the window in a matter of months were gut wrenching. Fingers pointed and tongues wagged. Crooked politicians, dishonest mortgage brokers, greedy Wall Street traders, shady rating agencies—there was enough blame to spread around.
Who could have possibly seen this one coming?
Comedians had a field ...