Finally, there is what I call “turning-point-itis.” This is the tendency to think that things may have improved in the past but will no longer do so in the future, because we stand at a turning point in history. It’s true, as brokers like to say, that past performance is no guide to future performance. But as the historian Lord Macaulay wrote almost two centuries ago, “On what principle is it that with nothing but improvement behind us, we are to expect nothing but deterioration before us?”
So cheer up. The world’s doing better than you think.