Ai “this time it’s different”

I have lived through several bubbles and read about others. One might think the losses experienced when past bubbles popped would discourage the next one from forming. But that has not happened yet, and I am sure it never will. 

“this time it’s different”. Those four words are heard in virtually every bubble. On the other hand, Sir John Templeton, who first drew my attention to those four words, was quick to point out that 20 per cent of the time things really are different. 

The sceptics include a lack of clarity regarding the ultimate source of profits from the AI boom and who will receive them. 

Given the vast potential of AI but also the large number of enormous unknowns, virtually no one can say for sure whether investors are behaving irrationally. 

Howard Marks co-founder and co-chair of Oaktree Capital Management and author of ‘Mastering the Market Cycle: Getting the Odds on Your Side’

FT 9 december 2025

https://www.ft.com/content/353eda37-33b0-4d30-a912-a07607e278b8

https://www.oaktreecapital.com/

https://www.amazon.com/Mastering-Market-Cycle-Getting-Odds/dp/1328479250


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