“All happy families are alike; every unhappy family is unhappy in its own way.”
So wrote Tolstoy in the 19th century. But he could have been talking about the U.S. stock market in 2012.
Why? Because the market’s biggest winners this year—at least in the large-cap Standard & Poor’s 500 index—were often beneficiaries of bigger trends, like the strength of consumer sentiment and housing’s revival.
But the losers were generally individual companies hit by technological obsolescence or bad management decisions.
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