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Why it's wise to defy "conventional wisdom"

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More evidence of the folly of the follow-the-herd mentality. A fascinating read appears in a recent article from the Wall Street Journal about low profile hedge-fund manager John Paulson. Paulson refused to believe the hype about the housing bubble, and bet against CDOs.
His reward?

$15 billion for him and his investors. His first fund was up 590 percent in 2007. His second didn’t fare as well – only up 350 percent.

This should give you a fighting argument the next time a client tells you to get in on the hot, new thing. Performance chasing might not lead to complete ruin. But as Paulson’s story suggests, it definitely won’t lead you to $15 billion.

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