Nicolas Copernicus's Revolution of Celestial Spheres set forth a view of the cosmos as heliocentric, or sun-centered. This was a radical position when espoused in 1543.

Copernicus's theory challenged a centuries-held view, dating to Aristotle, that the Earth and its human population sit at the heart of all creation. Instead, Copernicus postulated, it is the sun that forms the epicenter of a "solar system." The notion that our little planet and galaxy are but common in the heavens and one of many parallel planetary systems spawned a soberingly insecure vision of life. The birth of angst.

Copernicus was an unlikely revolutionary. It's believed that he suppressed his work until his life's end fearing the disfavor of his peers, as well as that of the church which had elevated Aristotelian theory to the level of dogma. For about 100 years after his death, Copernicus and his ideas remained obscure. But in the 17th century, Kepler, Galileo, and Newton adopted Copernicus's heliocentric universe as the foundation of modern astronomy and natural science. This sequence is commonly called the Copernican Revolution.

Today it would be unthinkable to revert to a pre-Copernican view of the cosmos. But new advancements take time to gain acceptance. Human beings seem instinctively uneasy with unfamiliar frameworks. This is as true in the world of investing as it is in science and culture.

When we started First Quadrant almost 20 years ago, we entered the industry discussing innovative ideas. We still do the same today. Lately, however, we notice a changing environment. Innovations that were once considered heretical have become the norm. Clients now understand that in order to outperform you need to think and behave differently. Given this trend, we suspect that Copernicus would not linger for a century without – at least – a good hearing.