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One old adage about investment is that you buy a bunch of reliable stocks, stick them in your bottom drawer and forget about them. That ignores one pesky fact: Nothing stays the same. Small stocks don’t always stay that way. Some grow up to become large stocks. Stocks that have low prices relative to fundamental

Early in September, the FTSE 100 reached its highest level since December 1999. People might read into this story that it’s taken 14 years for the market to recover from the tech crash and the credit crisis and that stock-market investment has been pointless over that period. Looking at the blue line on the chart