The four most dangerous words in investing are: this time it's different.
The real danger isn't that markets *never* change—they do—but that this phrase lets us stop thinking. Templeton's warning catches something subtler than "don't chase bubbles": it's about how human psychology manufactures permission slips. When a tech worker in 2021 convinced herself that remote work fundamentally altered office real estate forever, she was speaking the language of change to justify overpaying; what she missed was that economic cycles care little for our compelling narratives. The quote's sting comes from recognizing that the most seductive investment errors don't feel like stupidity—they feel like insight.
“Chase the vision, not the money; the money will end up following you.”
Tony Hsieh“It's not the man who has too little, but the man who craves more, that is poor.”
Seneca“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”
Ayn Rand“Too many people spend money they haven't earned to buy things they don't want to impress people they...”
Will Rogers