I went fishing with my 4-year-old son and while everyone else was fishing off the pier, he wanted to fish from the shore, where he could see through the shallow water, so that he could see the fish before we caught it, if we caught one. I didn’t want to discourage him, so we went, dropped in a line, looked through the water, saw nothing and caught nothing. It was worth exploring, because markets aren’t perfect and we might have found something. But I tried to point out to him that if everyone is fishing in the same place, then there’s probably a reason. Crowds draw crowds, but so do fish.