Quote for the Week
My study of history will not lead me to make any definite forecasts involving numbers and dates. That may be a disappointment to some, but it certainly is a great relief to me. The applicability of history almost always appears after the event. When it is all over, we can quote chapter and verse to demonstrate why what happened was bound to happen because it had happened before. This is not really very helpful. The Danish philosopher, Kirkegaard, made the statement that life can only be judged backwards, but it must be lived forward. That certainly is true with respect to our experiences in the stock market.
Yet, I think that a knowledge of history — general history, financial history, stock market history — will be found useful for a broad perspective in planning one’s course, even though it may create uncertainty and humility rather than cocksureness with respect to the immediate future. — Benjamin Graham (source)
From the Archives
Last Call
- Facts From 1H of 2026 – Idea Farm
- Circumstances Matter – Klement on Investing
- Money has Ruined Markets – FT Alphaville
- Winning a Game of Failure – Vixology
- Failure as a Competitive Advantage – Investment Master Class
- A User’s Guide to Living with Inflation – Platypus Economics
- Kirkland Signature: Jim Sinegal and the Making of Costco’s Private-Label Empire – SatPost
- What Do America’s Earliest Restaurant Menus Teach Us about America? – Pudding
- How Amsterdam Invented the Fire Department – Works in Progress