One framing I keep coming back to is this: 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. 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. That is the kind of small conceptual habit that compounds into better decisions over time.