An anatomy of financial and energy market bubbles

Despite differences in the detail, the mechanics that unfold during episodes of financial and energy market hype are the same. To avoid repeating the errors of the past, companies and individuals should bear them in mind, argues Vincent Kaminski

Vincent Kaminski

"Those who cannot remember the past are condemned to repeat it."1 I have to confess I squirm whenever I hear these words from Spanish-American philosopher, George Santayana. Endless repetitions have transformed a statement of profound wisdom into a worn-out platitude.

There is also something much worse than forgetting the past. It is remembering the history and being forced to live it over and over again, like the main character in the movie Groundhog Day. In my long years in the financial and

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