The Present is the Past and Vice-Versa

History has a way of coming full circle. Blame it on our inability to let go of the past or the unquestionable sense of comfort that comes from the familiar. Despite President-elect Donald Trump ringing of the opening bell at NYSE this morning, marking his second time being name Time’s Person of the Year, the markets couldn’t muster after a historic week. 

The Nasdaq has a knack for defying expectations and rewriting its own history. It first reached 5,000 during the dot-com boom in March 2000, surpassed 10,000 two decades later in June 2020, and yesterday, it shattered yet another milestone by soaring past 20,000. Each new high reflects the optimism of innovation but also reminds us how markets, like people, tend to gravitate toward well-worn paths, revisiting old patterns, and tweaking and reinventing themselves to suit the times.

Nowhere is the pull of the past more evident than in Britain’s pub culture. Once nearly 100,000 strong in 1905, numbers have dwindled to just over 50,000 today. Yet nostalgia is breathing new life into this enduring and beloved institution. Pubs are re-embracing their Victorian charm—grained woodwork, roaring fires (albeit electric nowadays), and the quiet, friendly atmosphere that author George Orwell celebrated in his infamous piece written in 1946, The Moon Under Water. As Orwell observed, people don’t go to the pub for the beer (we’d disagree somewhat) but for the sense of belonging that defines a pub’s raison d'être.

With holiday shopping in full swing, shoppers like investors are seeking something more: deeper value, meaningful connections, and of course, reward. They are seeking that inexplicable experience that grounds them in the present with all the comfort and allure of the past. It’s about the experience that ignites dopamine, where connections feel real, and life seems less complicated.

Markets, pubs, and shopping malls may seem worlds apart, but they all thrive on the same principle: attachments. For Orwell, the pub, like the markets and retail stores, are the ultimate expression of freewill: a place where people come together, exchange ideas, gossip, and be individuals. Without this dynamic, the markets would lose their vibrancy, even stagnate, and the communal spirit that drives capitalism would all but disappear. It’s this very interplay that keeps economies—and us—thankfully thriving. 

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