"No rule is valid all the time. Buy growth; buy value. Buy large-cap; buy small-cap. Buy domestic; buy international. Buy developed; buy emerging. Buy momentum; buy weakness. Buy consumer; buy tech. I've seen them all. There is no perfect strategy. People flocked in droves to growth stock investing, real estate, portfolio insurance, Japanese stocks, emerging market stocks, tech stocks, dotcoms, and venture capital. Each worked for a while and sucked in more and more investors. But in each case, success eventually pulled in enough money to guarantee failure."