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The S&P 500’s recovery over the past year has obscured some relatively cheap value stocks across the world. Or as Dan Brocklebank, portfolio manager at Orbis Asset Management puts it: the magnificent seven stocks have drawn investors away from the magnificent middle — those mid-cap stocks easily overlooked in a bid to make a quick return.

The magnificent seven comprise Amazon, Apple, Google parent Alphabet, Meta, Microsoft, Nvidia and Tesla. Combined, they constituted 29% of the S&P 500 at the end of last month. Thanks to their surging share prices, the index now trades at a hefty p:e of 21.7 and a price-to-book ratio of four...

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