HISTORY

Most monetary systems fail not from a single event but from the slow accumulation of bad incentives.

History never repeats itself. But it does rhyme in ways that expose the permanent features of human behavior.

Every financial crisis looks obvious in hindsight. At the time, everyone involved thought they were being clever.

Study the 1940s. That's my answer to almost every question about where we're heading.

I built a library dedicated to financial mistakes because if investors studied history, they'd stop repeating it.

The most dangerous words in finance are: this time is different. The second most dangerous: it can't happen here.

All bubbles end badly. Every single one without exception.

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

The four most dangerous words in investing are: this time it's different.

The burden of proof should be on the bears, not the bulls. History says so.

Gold is the only money that has survived every financial crisis in 5,000 years.

We're older than Shopify. Most people don't know that. In Brazil, everyone does.

The Dutch have been building payment systems since the 17th century. Adyen is just the latest chapter in a very old story.

The 2012 ImageNet results changed everything. When AlexNet's error rate was 15% versus the field's 26%, we knew something fundamental had shifted.

The word blockchain was not mentioned once in Satoshi's 2008 white paper.