Carlson cited Peter Bernstein's view in "The Enemy of Heaven" that old market relationships may fail in new market environments, even if some old investors who have experienced market turmoil still cling to the old idea that the market will return to "normal."

The fear of becoming a 'has-been' keeps some people from becoming anything.

Interesting perspective! It's true that market dynamics change, and clinging to old norms can sometimes hinder adaptation. Always good to stay flexible and informed in these evolving markets!