cyclicality.....................................

 Everything is cyclical, and the thing that’s easy miss about cyclicality is that it doesn’t require any outside force to push it in the other direction. The act of getting big is enough to make you smaller without being pushed by anyone or anything.

A lot of mistakes in life come when you think risk is something caused by external forces, when in fact the weight of your own success is enough to pull you down without any outside help.

-Morgan Housel, from here

Cycles........................

      And in so far as the apparent prosperity is caused by an unusual plentifulness of loanable capital and a consequent rise in prices, that prosperity is not only liable to reaction, but certain to be exposed to reaction.  The same causes which generate this prosperity will, after they have been acting a little longer, generate an equivalent adversity.

-Walter Bagehot, Lombard Street: A Description of the Money Market (1873)