Learning from History
There’s that famous saying about those who never learn from history. But is it even possible to learn from history? Or is it an impossible goal altogether? Part of it has, of course, to do with ego. Who really thinks that they are embarking on a course of action that has already been attempted, and failed at, for the exact same reasons? Also known as the I-am-smarter-I-am-stronger feeling. Besides, just because the last guy got burnt at something doesn’t mean the next guy can’t succeed at it, right? Then there’s the difference between history and science. Or to put it differently, life isn’t a lab experiment, and no two situations are exactly the same. As Michael Mauboussin pointed out: “The challenge with history, however, is that it’s a very fickle teacher. Which is a lot of the key to understanding history is what the circumstances were.” Assessing the circumstances is a subjective choice; you can either willfully ignore things based on your view or often, not even be...