“When sorrows come, they come not single spies, but in battalions.”

—Claudius, in Hamlet

Over the long term, measured in years, the investment markets mimic the overall economy. We have seen many periods when the two diverged for a short time, sometimes significantly.

“The essence of intelligence is the ability to predict. To plan ahead, we simulate the world. The optimal action taken minimizes the predicted cost.” Yann LeCun, artificial intelligence pioneer.