Lots of drama in markets, lately. Was that the top? Are we in trouble? Is the world ending?

History shows a remarkably consistent pattern as dominant empires mature and eventually fade from their peak influence. The worst periods for confidence are often the best periods for investors.

Overconfidence and Optionality Paralysis. Some of the biggest financial mistakes I’ve seen weren’t made by people who didn’t know better. They were made by people who were very successful.