There will be more monetary elixir after the end of QE2 In 1958, Harvard economist John Kenneth Galbraith was looking for a term to describe certain ideas that were commonly held, intellectually accessible, and yet fundamentally flawed. To define such widely spread misconceptions Galbraith wrote: “I shall refer to these ideas henceforth as the conventional wisdom.”
As an asset manager, I’ve come to view conventional wisdom as the surest path to investment underperformance. One might even amend the old Wall Street saying to read: bulls make money, bears make money, but conventional wisdom gets slaughtered. Consensus opinion is generally a sign to get on the other side of the trade.
http://link.ft.com/r/BLH300/C5Z12E/LQER5V/NSDR7J/WLNWIR/MQ/h?a1=2011&a2=5&a3=18
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