Consider the logic of the following argument. This year's Nobel Prize for economics was won by the distinguished US academic, Gary Becker. One of the planks of his theorising has been a belief that racial discrimination in employment is economically costly. So, too, is sexual discrimination. Now GrandMet has just appointed its first female director, Professor Gertrud Ahler of Berlin-based Ahler Consultants. If Becker's economic liberalism is to be believed, GrandMet's costs must be falling even as you read this, and their shares should consequently be regarded as hot. Now, a quick flick through the FT will reveal that they moved not one jot. The ineffable logic of the Toady mind has, in other words, so far passed fund managers by. But it can only be a matter of time until it ceases to do so. Remember: you read it here first.