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From time to time, we find it very useful to take stock of conventional wisdom. That's not because conventional wisdom is especially useful, but rather it gives you a sense of how events are deviating from said wisdom. The last time we did this was February, when markets were surging and Europe was riding high. If you look at what we identified as the new conventional wisdom then, it seems like a lifetime ago.
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The conventional wisdom is that it always makes sense to reuse or remake products rather than to make new ones--why make a new tire when you can retread an old one, and why manufacture a new inkjet cartridge when you can refill a us... Read Post

Conventional wisdom is probably useless from a direct investment standpoint, but there is value to knowing what conventional wisdom is. After all, that's how you can identify the deviations from it. So, real quick, we thought we'd s... Read Post

One of the hottest trades in the world this year has been Japan. Short the yen, buy Japanese stocks. It's practically become conventional wisdom. In fact, Japanese equities were basically the hottest major asset class in the entire ... Read Post