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Chris Cole, of Artemis Capital, recently asked, “What investments do you justify by common knowledge today that will look foolish 40 years from now?”

Here are a few I think might qualify:

First has to be embracing a passive approach to equity investing just as the median stock becomes more highly valued than ever before in history…

…and the smartest guys in the room loudly proclaim, “sold to you!”

Next I would submit short-selling volatility…

…when economic policy uncertainty is soaring to record highs is probably not very wise, either.

Finally, maxing out the duration of your fixed income exposure…

…when both nominal and real interest rates test their all-time lows doesn’t strike me as a great recipe for investing success.

Time will tell.