Echoes of the Roaring Twenties: Parallels Between the 1920s and Today

Thoughts on the Market
October 25, 2025

History, as Mark Twain once quipped, may not repeat itself, but it often rhymes. The 1920s—known as the Roaring Twenties—was a decade of profound social, economic, and technological change. A century later, the 2020s are unfolding with uncanny similarities. From cultural upheaval to market euphoria, the echoes of the past reverberate through our present in ways that are both fascinating and cautionary.

Ever since I began trading in the 1980s, I’ve immersed myself in the study of cycles and market behavior, searching, like many others, for the “holy grail” of forecasting major moves before they occur. At one point, I even hired an astrologer to add yet another layer of nuance to my analysis. While I no longer consult the stars, I continue to study long-term patterns—demographics, debt, and innovation cycles—to gain perspective on where markets may be headed.

I haven’t found a crystal ball, but I’ve learned to pay close attention to moments of synchronicity, when seemingly unrelated events align in meaningful ways. These convergences often signal inflection points, when multiple trends shift direction all at once.

Today, the similarities between the 1920s and 2020s are particularly striking. From pandemic recovery to market surges and cultural reinvention, the parallels are too pronounced to ignore. Here is what I see: