THE STUFF ACCIDENTS ARE MADE OF

Every time I find myself on the same side of a crowded trade, I try to convince myself this time will be different. Surely the hedgies won’t all stampede for the exit at the same time. I try to justify it with thoughts how the crowd is right for the majority of the move, and it’s only the extremes I need worry about.

Then, as sure as god’s got sandals, i…