Great Investors Know That History Doesn’t End

History demonstrates, quite clearly, the resilience of mankind and our ability to endure hard times and emerge stronger, smarter, and better from them.

The End of History and the Last Man was written in 1992, right in the middle of a Golden Age in American history. Our economy was prosperous, and our equity market was directly in the middle of one of the great bull markets in stocks of all time, which started in 1982 and was still going strong. Politically, the Cold War had been won, and Ronald Reagan had accomplished his primary objective of defeating the Soviet Union. The Berlin Wall had fallen, while Western-style democracy and capitalism were taking root all over the world…