As we enter a presidential election year in the U.S., financial markets are resonating with historical echoes. One can particularly recognize the rise of populism after the Civil War, which parallels today’s socio political dynamics. This comparison challenges the conventional wisdom about investing in a world that is constantly evolving. Concomitantly, there are parallels to the post-Second World War era, notably the extreme levels of debt which rival only today. As the war ended and life got back to normal, a growth scare and deflation resulted. Hence my thesis that our transition period out of COVID-19 has all the earmarks of a transitional period of secular stagnation and deflation.