Giving bad name to momentum investment

Stockpiling fuel in November: Very familiar. This time last year it was the Millennium Bug that had put the frighteners on half the population. The prudent or paranoid were laying in fuel, food supplies, fresh water containers and oiling the cogs on their bicycles in preparation for the economic and social collapse expected to accompany the date changeover on 1 January. Even central bankers got a little nervous and pumped more liquidity into the financial systems to ensure that everyone had a comforting amount of cash in their pockets, and forestalling more widespread panic. Of course, w...