The Morgan Housel Podcast Cumulative vs. Cyclical Knowledge
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Aug 29, 2024 Explore the intriguing differences between cumulative and cyclical knowledge. Discover how some fields, like finance, face repeated historical mistakes while others build on accumulated wisdom. Delve into the timelessness of financial principles that remain consistent despite societal changes. Reflect on how human behavior often leads us to relearn lessons throughout generations. This conversation unravels the complexities of knowledge, urging us to consider whether we're truly progressing or merely circling back to old errors.
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Cumulative vs. Cyclical Knowledge
- Some fields, like medicine, accumulate knowledge over generations.
- Other fields, like investing, have cyclical knowledge, repeating past mistakes.
Garfield's Death
- President James Garfield died partly due to doctors' disbelief in germs in the 1880s.
- Doctors prioritized "surgical stink" over hygiene, showcasing cyclical medical knowledge back then.
Timeless Financial Concerns
- Author William Dawson, in the 1890s, wrote about anxieties over wealth, applicable even today.
- Ernest Hemingway's 1936 observation about the allure of the rich remains relevant.
