Buried by the Wall Street Crash
Two of the greatest economists who ever lived, Irving Fisher and John Maynard Keynes, thought they could predict the future and make a killing on the stock market. Both of them failed to see the Wall Street crash, the greatest market disaster of the age – and arguably, of any age. Yet having made the same forecasting error, Fisher and Keynes went on to meet very different fates. What does it take to see into the future? And when you fail, what does it take to bounce back from ruin?
PS: Part of Fishers issue may have stemmed from his latent money script. His early wealth came about from his marriage not from his hard work. Therefore this might have stunted his adaptability dramatically.
Predictions are difficult – especially about the future. Timely advice we should never get too impressed with our own cleverness.