I have been running a phantom portfolio for the past two-odd years on the EasyEquities platform, a play-play $10,000 spread evenly across 10 stocks. The purpose was to track companies selected entirely on the basis of their price momentum. I was curious to see what would happen to a “bubble basket” of US-listed equities that were booming despite all fundamental and technical indicators showing they were overbought and due at the very least a sharp correction. June 2017 was a pretty exuberant time in US markets. Along with the slap-happy stock market, cryptocurrencies had caught the imagination of speculators and ratcheted up in the kind of parabolic price action that gave conservative investors the willies. Those who chose not to dabble in Bitcoin or Ripple cast their eyes slightly sideways, finding companies that either supplied the hardware (semiconductor chips) for crypto mining and blockchain management, or the cloud-based data infrastructure that would house, contain and try to...

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