Chronological Snobbery

Learn more about this firm

Dear fellow investors,

C.S. Lewis coined the term ‘chronological snobbery’. According to Lewis, the definition of chronological snobbery is “the uncritical acceptance of the intellectual climate of our own age and the assumption that whatever has gone out of date is on that count discredited.” In our minds, it is how humans undercut the wisdom of a prior time by assuming that we are so much more advanced in our current day.

These snobbish ideas promulgate until some type of militaristic, economic or social two-by-four hits society with a dose of old-school reality. Then, everyone recognizes their cognitive shortcomings, like a schoolboy disciplined by their principal, vowing never to be so blind again. This blindness is a natural progression of humans. We believe progress gets us beyond the foolishness of the past, but in reality, we make the same mistakes even though the chip stack of civilization gets higher. We will look at other eras of chronological snobbery like today.

2006 - We are Past Recessions

In the mid-2000s, economists around the world began to believe that we possibly were past recessions. The global economy had grown a lot from the productivity gains due to the growth of desktop software in businesses. When the dot-com bust took place, stocks went down. In 2001, following the 9/11 terrorist attacks, the US Federal Reserve lowered rates to provide liquidity to the economy and fight the terrorists. The interest rates fanned a pickup in the housing markets to a level never seen before in mortgage financing. The economy and eventually the stock market responded. More than anything, housing boomed in the US and other parts of the world.

Learn more about this firm