Founders Find Leverage In Investors' Short Memories
By Les Trachtman (September 12, 2017, 2:49 PM EDT) -- According to historical economist John Kenneth Galbraith, the financial markets are characterized by "extreme brevity of financial memory." In "A Short History of Financial Euphoria," he lamented:
In consequence, financial disaster is quickly forgotten. In further consequence, when the same or closely similar circumstances occur again, SOMETIMES IN A FEW YEARS, they are hailed by a new, often youthful, and always extremely self-confident generation as a brilliantly innovative discovery in the financial and larger economic world. There can be few fields of human endeavor in which history counts for so little as in the world of finance.
The only rationale for...
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