Words to Remember
The Lie Investors Love To Believe 🧠
“The four most dangerous words in investing are: 'This time it's different'.”
Why we ran it
NASA had launched its first crewed lunar mission in 50 years and SpaceX had confidentially filed for what could be the largest IPO in history. The issue made the case that space was becoming a real economy. Templeton's warning was the counterweight for anyone tempted to pay any price for it.
From the April 3, 2026 issue: The Space Economy Reaches Escape Velocity →