Beware fads and fashions

It is a well established part of the human psyche to be more comfortable when one is in the company of others, part of the consensus or following the common trend. Fashion houses rely on it and markets give ample evidence of it (witness the well-known saying "the trend is your friend"). But it is also well known that trends can go too far: what starts as a logical and good idea is often taken to excess. The creations of the catwalk become ever more extreme. Markets periodically overshoot. This

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