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Why isn't any history prior to 2000 still valid? We've had 10+ year secular bear markets before. I'm not arguing by authority here, but by Taleb's own arguments, it's just as likely that the pre-2000 history is still valid - there is just no way of knowing yet.



My personal thesis is that financial market history prior to 2K isn't valid. The world prior to widespread adoption of the the Internet was a different place. The Y2K cut off is a useful demarkation point ... that's when the tech euphoria went away :) I think this has something to do with the speed of information flow in a post-PC, connected world. That's the short of it anyways.




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