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One cannot learn from history, a posteriori, because causal relationships are deceptively veiled from our perception (what is unfortunately termed the “teleological fallacy”). Rather, in many cases the foreseen emerges through the logical rigor of deduction, based on what one knows (and, to some degree, what one observes and experiences) as a sentient human being.
The Dao of Capital: Austrian Investing in a Distorted World
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