Old Stars Don’t Lead New Bulls
One of the most common errors investors make is going back to their list of old favorites: These typically include the former superstars of the last bull market. Prior luminaries include Microsoft, EMC, Dell, Intel, Cisco, eBay, etc.
It’s a function of their comfort levels, a bit of rosy nostalgia for the good old days when everything you bought went up, and money was falling from the sky like raindrops.
It has long been a general rule of markets that new bulls require new leadership. Numerous reasons for this exist, but three stand out in particular:
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