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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'?
Essentially, he means "one ignores history at their own peril". We often hear people arguing that "the old rules no longer apply".  Whether it be to valuations, borrowing, or any of the other common metrics, to ignore the lessons of the past is to invite disaster.   History shows us that major crises in the markets usually occur when the old rules are ignored and people believe that current exceptional market conditions are justified by special circumstances.