Kuhn introduced 'paradigm shifts': science doesn't progress linearly but through revolutionary changes in underlying assumptions. Financial paradigms — efficient markets, passive indexing, 'don't fight the Fed' — function exactly the same way. The old model becomes more baroque as it tries to accommodate anomalies, until someone proposes a simpler explanation. The investor who recognizes paradigm shifts can position for them.

The case for it, the case against, and the rest of the canon open with Pro.