Any review of the holdings of global pension funds, unit trusts, hedge funds, passive exchange traded funds (ETFs) and retail investor portfolios shows that almost all are heavily exposed to a narrow group of securities.

Few global portfolios are not dominated by stocks that represent the winners of the past three years: US large caps, technology, growth and quality. We are also witnessing a global capitulation, out of what has not worked in recent times — especially cheap stocks, value funds, emerging markets, and contrarian investment strategies...

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