Past performance is no guarantee of future results. There is truth in this statement. And yet, as Mark Twain once said, history never repeats itself, but it does often rhyme. As we begin 2024, it’s useful to look back at historical statistics and numbers to guide us on how we should invest. Mind you, I’m not talking about looking back at 2023 alone. In my book, the best lessons are learnt over years, if not decades. So, let’s go further back in history to learn from the past. Outfoxed by the pendulum The NASDAQ (INDEXNASDAQ: .IXIC) had a terrible year in 2022, falling by a third. But 2023 was a different story. It was one of the best years in the market when the index rose by almost 45%. Howard Marks has a word for this sharp contrast: pendulum. Marks is the Co-Chairman of Oaktree Capital Management. He once said the stock market resembled a pendulum, swinging back and forth between highs and lows....