Consider that most "investors" or hedge funds are trend followers, and it makes perfect sense.

But when the trend finally turns.............................

Once you consider that from most investors standpoint, being burned so many times by trying to do fundamental analysis and buying "value", the market is almost entirely following trends. Look at what HFT's do. Front run trends.

Just like Tulip mania, it works till it doesn't.

But timing is a bitch.

John