We've Never Been Here Before

In the big picture, the game never changes. There will be early shrewd veterans who get in early. There will be overly eager fools who stay in too late. The players won't change. The end result will always be the same. Yet, the circumstances surrounding the game are always different. In 1987 it was portfolio insurance. The turn of the century saw the DotCom bubble. Then in 2008, the credit crisis surprised everyone with the most violent risk asset sell-off in a hundred years.