Ben Carlson, Columnist

This Time Really Is Different

Markets are constantly evolving based on our updated knowledge of the past.

June 26, 2017 at 11:00 AM UTC

Ben Carlson is director of institutional asset management at Ritholtz Wealth Management. He is the author of "Organizational Alpha: How to Add Value in Institutional Asset Management."

Things have changed.
Photograph: London Express/Getty Images

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Sir John Templeton wrote “16 Rules for Investment Success” in 1993. The following is by far the most quoted passage:

“This time is different” is something of a sacrilegious phrase in the investment industry. Every time markets, corporate fundamentals or long-followed economic ratios enter above-average territory there are sure to be pundits or investors warning about complacency and imminent mean reversion. Anyone who claims it’s different this time is mocked with disdain for daring to question long-term financial relationships.