As I often like to say, capitalism without losers is like Catholicism without hell. Not only did we not fix any of the issues that caused the credit crisis, but it appears as though Wall Street is fast forgetting it. The great Alan Abelson summed it up nicely in this week’s letter with his concluding remarks:
“The perps as well as the victims (i.e., investors) of the devastating financial crisis we’ve somehow muddled through, whose scars remain vivid in the unrelentingly miserable condition of jobs and housing, apparently have fallen prey to a mass epidemic of amnesia. As George Santayana warned, those who cannot remember the past are condemned to repeat it. Especially, we might add, when the past is a mere three years ago. “
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.