April 2022 Newsletter: A tech wreck, bond rout and a sanguine housing market
History has a way of repeating itself. A study of the past is therefore foundational to the art and science of investing. It is also foundational to understanding the world as it is today; the forces that unite people and countries and the forces that wish to divide & conquer, reclaim lost glory and cling to oppressive power structures. The latter is on tragic display in Ukraine, as Russian President Vladimir Putin misreads history and confuses his dreams of empire for the aspirations of his people, who are probably more interested in prospering in the modern world than imposing a bloody war on a European continent that thought it had permanently relegated such bloodletting to history.