Every cycle teaches the same lesson: narratives get priced, then repriced, then retold as if pricing never mattered. What is happening: A strong story can be true and still be dangerous if the market already capitalized years of perfection into the entry point. Why it matters: History helps because it reminds investors how often quality and overpayment coexist. In practice: Many great businesses have delivered weak investor outcomes for years simply because the starting multiple assumed too much. Watch for: The mistake is learning only the business lesson from history and skipping the valuation lesson. Useful lens: On the next portfolio review, separate what feels urgent from what is structurally important. A lot of confusion disappears once you separate the headline from the mechanism.