"The Future Is Real. The Past Is All Made Up."
- Loggan Roy (from the series Succession)
We can manipulate the past through changing facts and interpretations. The past can be given many interpretations to fit what we want it to be. There is no one history, but the future is specific and cannot be changed or reinterpreted. It is a reality check.
We can make up investment narratives about the past but when those narratives are applied to the future, it will face the reality that our stories will either be right or wrong. We can build a model to describe the past, but the model will have to face the reality of the future. If it is wrong, there will be a price to pay.
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