Concept of the Day

Edifice Complex:

Term coined by the lawyer and historian Professor Cyril Northcote Parkinson in Parkinson’s Law: The Pursuit of Progress, London (John Murray 1958, Houghton Mifflin, 1962) referring to the tendency of successful organizations to build new headquarters just before they begin to decline. See New Headquarters/Office Syndrome, Shiny; Business Week, Curse of.

I'm beginning to think that this has the germ of an investment strategy.