Those who do not remember the past are condemned to repeat it.
Core idea
If people ignore or forget historys lessons - including their failures and catastrophes - they will likely make the same mistakes and suffer similar harmful consequences again.
Practical application
To be a better investor, study past market bubbles, crashes, and scams; if you ignore these lessons, you are likely to repeat the same costly mistakes.
Why it matters
It insightfully warns that progress depends on historical memory; without consciously learning from past errors, individuals and societies inevitably recycle the same destructive patterns and illusions.
