Does history repeat itself?

People usually say that history repeats itself, but is it true? If we believe in the concept of "cycle", such as a business cycle, it seems that history repeats itself. However, we often find that although history "repeats" itself, there is a trend that changes the history overall. Moreover, the details of each period are different that people have different momentum to generate growth and make different mistakes that doom the economy. Even sometimes the results are different, but people just group results into two categories, good and bad, this makes history seem to repeat itself. Therefore, because we classify our observations too simple, we often make wrong conclusions and see history repeats itself subjectively.