This has not been a good year for conventional wisdom.
Of course, “conventional wisdom” is rarely cited as anything other than a whipping boy – something we can expect to be wrong. But markets might be considered to be different, because conventional wisdom can be self-fulfilling. If everyone believes a stock is worth $20, then it will trade for $20.
But some of the smartest investment ideas offered to the wealthy have begun to look very bad indeed of late.
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