In behavioural finance, herd mentality refers to investors' tendency to follow the decisions of "the crowd". Throwing their own independent analysis to the wind, these investors instead rely solely on their emotions, betting their hard-earned savings on the "next big thing" that has captured the market's attention.

And just as in poker, it's rare for experts to reveal their winning cards, but sometimes it is the hands they fold (or in this case, avoid altogether) that investors should learn from.

So, in an Outlook Series first, Livewire headed south of the NSW border to Melbourne, to interview eight of the city's best investors on the crowded trades they believe could run out of steam in 2022. From profitless growth stocks with frightening valuations, pumped-up retailers, reopening trades and of course, US tech - these fundies shared the consensus trades they'll be avoiding in the 12 months ahead.

That's not to say following the herd is always a bad thing. Just last year, many pointed to overvalued tech (with the NASDAQ 100 running a whopping 47.58% ahead in 2020) as an overheated trade. And yet, the NASDAQ 100 called their bluff, returning another 26.63% in 2021. (Aussie tech, however, performed much poorer, with the S&P/ASX All Technology Index returning just 3.72%).

Whether you decide to follow the crowd or not, check out the video below for the four dicey trades our fundies believe are currently gripping the market. And let us know in the comments section if there is a trade you believe could burn investors in 2022.