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Quote:“This generation of Americans has a rendezvous with destiny.”
– Franklin D. Roosevelt
“Each generation imagines itself to be more intelligent that the one that went before it, and wiser than the one that comes after it.”
– George Orwell
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After a lifetime of watching financial markets, the speed at which traders react still amazes me. Sometimes it seems to me like they hail from the “ready, shoot, aim,” school of thinking. Economic trends almost never turn on a dime; and though we can look back and find a moment that was the exact bottom or top, there were forces building that caused people to move from one side of the boat to the other, tilting the economy or markets or society in a different direction. New data can alter our probabilities – but rarely as fast as trading algorithms seem to think. Long-term trends, by definition, change slowly.
I had that thought in mind when I asked Neil Howe to be our kick-off speaker at the Strategic Investment Conference and invited Niall Ferguson to wrap it all up three days later. As historians, they both gaze back through time to identify patterns and draw lessons. They were the bookends who framed the wide-ranging discussions in between. They have both been very influential in helping me develop my understanding of the world.
As I said two weeks ago, the experts I brought to the conference, even the ones I expected to be raging bulls, were mostly bearish. The surprise was Niall Ferguson, who has become the new raging bull. That’s pretty much the one thing you can count on at my conference: surprises! But you can see that even Niall is deeply concerned about much of what is happening in the world...



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