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Credited to Dwight D. Eisenhower, the original phrase has an additional word at the end: "Things are more like they are today than they ever were before." In any event, its truth is unassailable. But what is its utility to investors? It reminds us that while market cycles rhyme, they don't repeat, and we should guard against the temptation to believe that today's market-and therefore tomorrow's-will mirror some market of the past.