The four most dangerous words in investing are “this time it’s different” according to John Templeton. At stock market tops, investors invariably use this rationale to justify their emotion-driven decisions. Howard Marks recent memo This Time Its Different is another must-read for the current environment. Particularly his reference on “perpetual prosperity from quantitative easing”. While our monthly comments pale in comparison, we are singing from the same songbook. Should the Fed be forced to reduce rates further, more stimulation will only exacerbate any future correction.