Philosopher George Santayana stated, “Those that cannot remember the past, are condemned to repeat it.” Over the years, the same message has been delivered in a variety of forms, all basically delivering the same inference that if we do not learn from history, we will, in all likelihood, repeat the experience.
Santayana's philosophy or message is also applicable to investors. As a history enthusiast, I recognize that there are valuable lessons to be learned by observing companies that have succeeded and those that have failed. An example where we might seek some lessons from the past is in the failed company of Montgomery Ward.
