Competitive Advantage is a Dangerous Thing to Juggle With The Danger of “Concept” Stocks

The Illusion of Control

People suffer from an illusion of control, that even if things do go wrong, they'll be able to sort them out. A lot of the modern risk-management techniques created a totally false illusion of safety. The idea that by quantifying risk using a tool like VaR [Value at Risk] that you could therefore control it is one of the slightly more ridiculous things to have come along in years.