This started off about AI, and it will come back to it, but here is a quick rabbit hole for you.
The quote RE history repeating or rhyming is sometimes attributed to Mark Twain, but I think Theodor Reik might be more accurate.
Theodor Reik was a Jewish psychoanalyst who trained as one of Sigmund Freud’s first students in Vienna, Austria, and later became a pioneer of lay analysis in the United States. In 1965 he wrote an essay titled “The Unreachables” about repetition in history.
In the essay he details how certain groups repeatedly fall victim to the same trials and tribulations throughout history.
“There are recurring cycles, ups and downs, but the course of events is essentially the same, with small variations. It has been said that history repeats itself. This is perhaps not quite correct; it merely rhymes.”
Harris “Kuppy” Kupperman has for the past couple of months been writing about the economics of AI and is coming up short on how the math works. He published this question of economics and people in the AI industry started reaching out and agreeing they too didn’t understand how profitability would happen.
Then I came across this graphic this morning:
The 1990s teach boom at its peak was marked by “circular financing.” Dot-com companies, customers and suppliers bought and sold from each other, sending the same money back and forth. This produced an illusion of activity, but as we now know, was not sustainable or profitable.
25 years later, are we seeing history repeat with the AI sector of the economy?
Does history in fact repeat?
Asking for a friend…
Investment advice offered through Convergence Financial, LLC, a registered investment advisor. Legacy Wealth Management and Convergence Financial are two separate entities. Supervised by Convergence Financial, 3919 S. Providence, Columbia, MO 65203
Legacy Wealth Management offers insurance products and services through a separate, unaffiliated insurance platform. These insurance products and services are not offered through, sponsored by, endorsed by, or affiliated with Convergence Financial, an SEC-registered investment adviser.
Convergence Financial provides investment advisory services only. It does not offer, sell, recommend, or receive compensation in connection with any insurance products or services. Any insurance products or services obtained through Legacy Wealth Management are entirely separate from the investment advisory relationship a client may have with Convergence Financial.
Insurance products are not securities, are not investment advisory services, and are not subject to the same regulatory framework as the advisory services provided by Convergence Financial. Insurance products are obligations of the issuing insurance carrier and are not guaranteed, endorsed, or backed by Convergence Financial. Clients are under no obligation to purchase insurance products in connection with any advisory services they receive, and the purchase of insurance products through Legacy Wealth Management is solely at the client's discretion.
The decision to engage with any insurance platform or to purchase any insurance product is the client's alone. Clients should evaluate insurance products independently and may wish to consult with appropriate professionals before making any insurance-related decision.
Disclosures:
SEC Profile
Form ADV Part 2A Disclosure Brochure
Convergence Financial Customer Relationship Summary
Privacy Policy
Charles Schwab Customer Relationship Summary
Copyright © 2026 Legacy Wealth Management