Founders Find Leverage In Investors’ Short Memories

Law360, New York (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...
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