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What did John Templeton mean when he said that the four most dangerous words in investing are: ‘this time it’s different'?
This refers to the faulty idea that the stock market will behave differently than it has in the past.  For example, in the late 1990s, internet stocks rose to ridiculous heights in price, to be followed soon after with the Dot-Com Bubble crash. In the future, it's likely that there will be another such bubble with another hot stock - we just don't know what kind.  Saying that "this time it will be different" could mean that you expect this bubble not to burst when, historically, that is never the case.