A Good Idea Can Only Be Successful For So Long

In investing, a good idea can attract such a large following that its success becomes its doom. Crowded trades ultimately stop working because they eliminate the inefficiency that the earliest to the table were able to exploit for gain. Until recently, a successful strategy involved buying and holding stocks of quality companies. Stock picking has gotten harder in a period of surging markets, even for seeming investment geniuses whose strategies have served them well in the past....