Investors are often enticed into “taking profits” in winning stocks, but people who sold shares of Apple or other “Magnificent Seven” stocks this year are probably falling behind the main equity indexes, wrote veteran investor Howard Marks, co-chairman of Oaktree Capital Management, in a memo to clients.
“The performance of the equity indices is often dominated by a few stocks or groups of stocks,” Marks wrote, in a Tuesday note. “The gains of the leaders can make them seem expensive, arguing for profit-taking.”
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