The narrative of populism as a "rising tide" has enjoyed currency at least since the election of Donald Trump in 2016 and the success of the "Leave" campaign in the UK referendum on membership of the EU earlier in that year. And yet, on the eve of what proved to be President Trump's election defeat some four years later, the British journalist Nick Cohen felt able to muse "(w)e're endlessly told why populism works. Now see how it might fail" (October 10, 2020). So, one might be forgiven for thinking that what goes around must eventually come around. However, things are not that simple, and the runes are harder to read.