Investing decisions based on the most recent past often fail to draw from a long enough time period to justify our rationale. So we end up making these decisions based on our expectations versus reality. At the New York Times, I write about the necessity of training ourselves to extend our definition of the past to ensure our decisions are based on enough history. We need to remember that things are the way they are until they aren’t…it’s usually at this point that we feel pain of some sort.

The Future May Not Resemble the Last 6 Months (New York Times)