The problem is that individuals invest in funds whose managers chase these fads -- or who invest in broad market indexes. It's hard to find a "no hype" fund to invest in, especially when individuals have their hands tied by employer/government plans that don't offer owner-directed investments. (These 401-K and other non-defined-benefit schemes always seemed a scam to me -- in order to enjoy the tax benefits of saving for retirement, I have to invest only in the funds whose manager bought the fanciest lunch for my HR director?)