Examples of Orthogonality
1. Target date funds
There have been a couple of serious bear markets since these came to be, the Financial Crisis and this year, and they did badly both times.
2. ESG Funds
The broad based ESG funds are almost entirely marketing gimmicks.
3. Video Games
4. Fantasy Football
I can't articulate why but this has never sat right with me for some reason and I am a huge football fan.