Markets Never Forget (But People Do) by Ken Fisher Summary
Overview of Markets Never Forget (But People Do)
Ever wondered why investors keep repeating costly mistakes? Ken Fisher's bestselling guide reveals how faulty memory sabotages your portfolio while markets remember everything. Endorsed by legendary investor Sir John Templeton, this eye-opening work proves why "this time" is rarely different - and how history can make you wealthy.
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Key takeaways
Why We Keep Making the Same Investing Mistakes
Think back to the last major market crash. Did you feel like the world was ending? That this time was truly different? You weren't alone. Markets have a peculiar quality: they remember everything, but we forget almost instantly. This disconnect between market memory and human amnesia creates a predictable pattern of financial mistakes that repeats across generations. The most brilliant investors struggle to be right more than half the time, not because markets are impossibly complex, but because we're fighting our own faulty memories. Every panic feels unprecedented. Every recovery seems suspicious. Yet history shows that what we experience as shocking and new has happened dozens of times before - we've simply forgotten. Understanding this memory gap isn't just intellectually interesting; it's the difference between joining the elite few who consistently profit and the masses who perpetually buy high and sell low. "This time it's different." These four words have cost investors more money than any market crash or recession. After every crisis, we convince ourselves that the rules have fundamentally changed - that we've entered a "new normal" of permanently diminished expectations. In 2009, experts proclaimed that economic growth would never return to previous levels, that markets faced a decade of stagnation, that the financial system had irreversibly broken. Sound familiar? Identical predictions emerged in 2003, 1987, 1978, and even 1939. Each time, investors who believed these warnings missed extraordinary recoveries. From March 2009 through 2010, world stocks surged 93.3% while doomsayers insisted the rally was false. Those who acted on "new normal" fears watched from the sidelines as corporate profits soared and GDP returned to all-time highs. The pattern is maddeningly consistent: we're essentially "chittering chimpanzees with no memories," forgetting that human nature evolves slowly while market patterns repeat quickly. Markets price in widely known fears, leaving only the unexpected to move prices significantly. By the time everyone agrees the sky is falling, it's usually time to buy an umbrella company.
Understanding Economic Recovery and Employment Cycles
The Reality of Market Returns and Volatility
Volatility, Risk, and the Price of Returns
Debt, Deficits, and Investment Categories
Political Cycles and Global Market Patterns
Remembering What Markets Never Forget
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From Columbia University alumni built in San Francisco
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
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