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Do small caps still have a place in your portfolio?

Yes, and with a caveat: the selection process will have to be more stringent than for their bigger counterparts

LAST year was a good year for stocks. The S&P 500 returned 21.8 per cent. But you would have done way better if you had just bought the five biggest companies in the US as at end 2016. The average return of the five stocks - Apple, Google, Microsoft, Exxon Mobil and Amazon - was 35 per cent...