Investors and investment managers always like to be ahead of the curve — or at least they like to think they are. The trouble with this looking-after-other-people’s-money-on-a-fiduciary-basis business that they are engaged in on our behalf is that there are a lot of bright people out there all trying to get ahead of the curve, all looking out for the next bend in the investment continuum that might give them and their employer a competitive edge, another incremental basis point of investment return to put on the personal and corporate brownie-point slate. That’s fine, that’s often the way the money world works.

But it does also make you wonder sometimes whether investors and investment managers might not do better actually concentrating on looking after other people’s money fiduciarally — is that even a word? But you know what it means — rather than worrying about their competitive position or where the next trend is coming from.

Unforeseen and un