Neomania

We have an irrational obsession with novelty — overvaluing the new and undervaluing what has proven itself over time. Old things that have survived are more proven than new things that haven't.

• The Lindy Effect: a book in print for 100 years will likely be in print for another 100. A book published last week may not last the month.
• New management frameworks replace old ones every few years — not because they're better but because they're new and consultants need something to sell.
• Investors pile into IPOs and new technologies while ignoring stable, boring dividend-paying companies that have generated consistent returns for decades.