Tl;dr - Old experts cannot distinguish between historical/economic cycles vs. Paradigm shifts that break those cycles. Nice theory, but adjust your scale over

Tl;dr - Old experts cannot distinguish between historical/economic cycles vs. Paradigm shifts that break those cycles. Nice theory, but adjust your scale over a thousand years and innovation has yet to usurp megacycles of boom/bust, war/peace or the rise/fall of "empires". We may be better informed than we were in the 1700's, but we are no less partisan in our views, speculative in our ventures, nor vulnerable to geopolitical storms. Using one of Housel's examples - high PE equity ratios are indicative of excess liquidity in the system chasing speculative yield; a subset of which excess liquidity is capital fleeing China for the West (or) A federal reserve & US Treasury committed to ensuring Boomer retirement assets are not wiped out in a market reversion to a historical mean. High PE equity ratios are not indicative of any underlying fundamentals that justify the majority of these prices. Yes, Tesla _may_ be an exception _if_ Musk's innovation convergence strategy is monetized as its investors hope. But for every Tesla there is a Nikola, and for every Moderna a Theranos. What do old experts (old farts like me) know that Housel may not? We've lived through about 8 recessions, three economic crisis, one bout of epic inflation, and we've watched change, ignorance and greed greatly disrupt or destroy corporate behemoths like Lucent, Enron, GM, GE, etc. We know what is coming. We just can't tell you precisely when. Housel's temporal sense appears to be stunted. And, yes, he does (as he stated) sound arrogant.