Monday, February 16, 2026

Edward Quince’s Wisdom Bites: We Are The Market

Missed posting last week, whoops! I won't make it up to you. 

We spend an inordinate amount of time discussing "the market" or "the economy" as if they are weather patterns—external forces that happen to us, completely outside our control. We check the CPI print like we check the rain forecast. We talk about a "vibecession" as if it’s a flu bug going around.

But today’s wisdom comes from a source far removed from Wall Street, yet perhaps more relevant to our current malaise than any Fed governor. Writing in the 5th century, Saint Augustine of Hippo offered a perspective on "hard times" that cuts through the noise of modern financial fatalism.

The Wisdom Bite:

“Bad times, hard times, this is what people keep saying; but let us live well, and times shall be good. We are the times: Such as we are, such are the times.”

The Myth of the External Market

In finance, we often fall into the trap of thinking the market is a distinct entity. But Augustine’s logic reminds us of a fundamental truth: We are the market.

The economy is not a machine; it is a complex adaptive system made up of the aggregate decisions of millions of individuals. When we collectively hoard cash out of fear, we create the recession we dread. When we collectively chase speculative assets like meme coins or the latest AI hype because of envy, we create the bubbles that eventually burst. The "times" are not imposed upon us; they are a reflection of our collective character, prudence, and fortitude.

Reflexivity and Responsibility

George Soros famously coined the term "reflexivity" to describe how market participants' views influence the market, which in turn influences the participants' views. Augustine was essentially preaching reflexivity 1,500 years before Soros.

If you are constantly doom-scrolling, sharing pessimistic takes on X (formerly Twitter), and making investment decisions based on fear, you are actively contributing to the "bad times." Conversely, if you act with prudence, focusing on value and long-term compounding, you contribute to a stable, functioning capital market.

The Financial Takeaway

Stop waiting for the Fed to make the times "good" again. Stop waiting for a particular election result to fix your portfolio. As Augustine suggests, the quality of the times depends on the quality of our actions.

If you want a healthier market, be a healthier investor. Do you want a market that values substance over hype? Then stop buying hype. Do you want an economy that rewards long-term thinking? Then stop trading on short-term noise. We cannot control the geopolitical winds or the supply chains, but we can control our contribution to the aggregate. If you invest with integrity and discipline, you are—in a small but non-zero way—improving the "times" for everyone.

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Edward Quince’s Wisdom Bites: We Are The Market

Missed posting last week, whoops! I won't make it up to you.  We spend an inordinate amount of time discussing "the market" or...