Holiday reading - Your first port of call must be The Price of Time: the Real Story of Interest, by Edward Chancellor
The point is that the 1970s were not easy to manage. We are very probably entering a similar age of volatility — in central banking thinking, inflation, interest rates and markets.
“We are not thinking about raising rates. We are not even thinking about thinking about raising rates,” Chancellor quotes Jay Powell as saying in the summer of 2020. If only he had.
While in all other areas learning is cumulative, in finance it is cyclical.
On the subject of how we got here, if you have not already, you should read Alasdair Nairn’s The End of the Everything Bubble.
You might think it is a bit late but it is still worth it for a full understanding of quite how the markets got so carried away — and a hint or two as to what you might do next.
Merryn Somerset Webb FT 8 July 2022
https://www.ft.com/content/61f84a77-a9dc-4198-9819-5e70057cfb24
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