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The speaker emphasizes the importance of understanding a patient's past medical history, viewing it as a predictor of current and future health issues. They argue that knowing a patient's medical history helps in accurately assessing present conditions. For example, in cases of lung cancer, the stage of the tumor is crucial; it informs the likelihood that the cancer is contributing to the patient's current complaints. A patient with stage 1 lung carcinoma presents a different risk profile compared to one with stage 4 lung cancer. Additionally, the speaker stresses the need to know what treatments the patient has undergone to better understand their situation.