What can the past tell us about present markets, speculation, and the inflation and collapse of bubbles? The NFT craze and the prices people are paying for nothing more than mere JPEGs surely raise cries of excess. “Right now, there are a lot of questionable areas,” notes Jamie Catherwood, an expert on financial history. “But, over the long term, in 20 years, it will be like the dot-com bubble. A lot of companies were wiped out. But there are some massive companies that are still thriving today. From the ashes a couple phoenixes will arise.” Invoking Mark Twain, Alfonso Peccatiello, author of the Macro Compass newsletter, asks Catherwood, founder of Investor Amnesia and an associate at O’Shaughnessy Asset Management, if history rhymes and whether we’re in the midst of multiple manias. Catherwood offers a guided tour of the 19th century, a time when financial bubbles proliferated and “bucket shops” – glorified gambling parlors – thrived on Wall Street. Tune in for Catherwood’s response to Peccatiello’s Twain-esque question about how the past can inform investor decisions about the present. Recorded on January 13, 2022.