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From Alan Kohler’s The Constant Investor
07 December, 2016
The world is changing in so many difficult ways that it's no wonder people are saying, in effect, "stop the world I want to get off!" Trump needs to be understood as an effect, not a cause.
I suspect that almost no one is NOT appalled by Trump; it's just that a lot of people are more appalled at what's happened to their lives than they are at him. There's a lot more going on than Donald Trump can fix, or any politician or central banker for that matter (or even get their head around I'd suggest).
It's often said that the most dangerous four words in investing are: "It's different this time". That phrase is only dangerous when used to justify inaction. When the phrase is used to support caution, it's not dangerous at all; it's prudent.
This time is very, very different, for a number of reasons:
Obviously not all of these things are directly relevant to investors, but I think all of them contribute to the spot we're in.
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