I tend to agree with this assessment of global markets in general. Things have accelerated to a point that no one has any idea what's going to happen anymore. Past experience is not only misleading, but meaningless now.
"Of the four key areas of investment knowledge — theory, history, psychology, and investment industry practices — the lack of historical knowledge is the one that causes the most damage. In finance, there is no controversy: the same speculative follies play out with almost clock-like regularity about once a generation."
A whole lot of investors have come to believe that history is obsolete, and later regretted it.