The Long View Mark Higgins: Financial History Is More Relevant Than People Think
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Dec 2, 2025 Mark Higgins, Senior VP at IFA Institutional and author of 'Investing in U.S. Financial History', explores the relevance of financial history to modern investing. He reassesses Hetty Green's misunderstood legacy and details lessons from historical financial crises. Mark critiques the Fed's response to inflation and draws parallels to inflationary pressures of the 1970s. He emphasizes the dangers of shadow banking, complacency in private credit, and advocates for simpler investment strategies over complex alternatives.
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History Repeats Through Human Behavior
- Historical financial events often repeat because human behavior is constant while conditions change.
- Mark Higgins found March 2020 resembled the July 1914 panic and post-pandemic inflation paralleled 1918–1920 inflation.
Train Trip Blended Research And Family
- Mark Higgins took a West Coast train trip with his son and parents to study railroad history and bond over shared passions.
- The trip mixed family memories with on-the-ground research at transcontinental railroad sites.
Hamilton Built America's Fiscal Capacity
- Alexander Hamilton repaired U.S. credit and established the first central bank, shaping long-term fiscal capacity.
- Hamilton's principle: borrow for emergencies and repay in peacetime, a norm the U.S. largely followed until World War II.
