You’ll want Instapaper for the full article, but this comes from a lengthy piece about the economy, globalization, and market trends at The Hoover Institute.
Those investors who limit themselves to what seems normal and reasonable in light of human history are unprepared for the age of miracle and wonder in which they now find themselves. The twentieth century was great and terrible, and the twenty-first century promises to be far greater and more terrible. Classic investment strategies no longer work in a world where ordinary economic cycles are broken.
Seriously, go read the full article, it’s worth it.