Jim Grant on how history doesn't repeat literally

Now nothing says that today is going to repeat the experience of yesteryear.  In fact, rather the odds are against that just simply because history is never so helpful as to repeat itself literally; otherwise imagine how rich the historians would be.

They say, and what they say it true, that one's first experience in markets and with money is deeply formative, imprints itself on you.  And the best investors, the nimblest and most successful, are the ones who can put that formative experience aside, or at least put it into perspective and not imagine that they must repeat the experiences of their youth in their middle years.

~ Jim Grant, interview with William Green, 19:00 mark, August 20, 2022