On Secular Cycles

From “How to Make Money in Commodities” by By W. D. Gann, 1951:

“History proves that wars break out every 20-25 years. It also proves that there is a wave of Speculation and Boom of some kind in nearly every country every 20-25 years. Why do these war periods and boom times come at such regular cycles or intervals? The main cause of these is that human nature never changes. Every 20 years a new generation comes along. They are full of hope, optimistic and are progressive and up-to-date. They are inexperienced… The young generations either have inherited their money or they make money, and they want to take a chance. It is the nature of young to gamble, to take chances and to be fearless of danger. Therefore, the young generation is anxious and eager to try their hands at speculation.”


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