To the extent that the performance of embodied and situated cognitive agents is predicated on fore- thought;such agents must remember; and learn from; the past to predict the future. In complex; non-stationaryenvironments; such learning is facilitated by an intrinsic motivation to seek novelty. A significant part of anagent’s identity is thus constituted by its remembered distilled cumulative life experience; which the agent isdriven to constantly expand. The combination of the drive to novelty with practical limits on memorycapacity posits a problem. (...) On the one hand; because novelty seekers are unhappy when bored; merelyreliving past positive experiences soon loses its appeal: happiness can only be attained sporadically; via anopen-ended pursuit of new experience. On the other hand; because the experiencer’s memory is finite;longevity and continued novelty; taken together; imply eventual loss of at least some of the stored content;and with it a disruption of the constructed identity. In this essay; I examine the biobehavioral and cognitive-computational circumstances that give rise to this problem and explore its implications for the humancondition. (shrink)