Have you ever watched in awe at the fingers of a professional pianist, as they flit across the ivories like butterflies? While many composers at times chose to limit themselves to just a few octaves, when the mood changes and the full breadth of the keyboard is used, the result can be a masterpiece. There are parallels with investment. At times, market conditions - and therefore the sorts of strategies, sectors and companies that thrive - stay in a narrow range. For example, ‘growth' stocks, typified by US tech titans, have led the charge for many years, capitalising upon a long era when...
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