Duncan Lamont, Director of Schroders Global Investment Strategy Research Department, pointed out that in the long run, leading companies are not necessarily the ones that perform well in any given year, but rather those that can sustain growth in the long term. Over time, steadily accumulating good performance and results over several years can achieve better investment returns than blindly chasing the best-performing companies. In recent years, momentum investment strategies have been popular, but blindly chasing the spotlight can lead to higher investment costs and mediocre returns. Schroders Global Investment advises against speculation. Duncan Lamont stated that in the past 18 years, there have been 13 years in which no U.S. stocks have remained in the top ten for two consecutive years. Research data shows that there are risks in chasing past stock market winners. Even staying within the top 100 stocks is rare - on average, only 15 companies can stay in the top 100 for two consecutive years, but the likelihood of them ranking in the top ten or top 100 again in two to three years is also low. The performance of these companies no longer remains as excellent as before and gradually declines to lower levels. Over these 18 years, the top 10 companies with the best performance in 14 years on average dropped to the lower half in performance ranking in the following year. They are more likely to become one of the poorer performing stocks rather than the better performing stocks, and their ranking declines are usually significant. Duncan Lamont further stated that investors should be cautious about chasing performance. Strong increases in stock prices often result in valuations being higher than the actual fundamentals (such as performance). Stock prices also gradually reflect increasingly optimistic expectations. Tesla (TSLA.US) at one point was trading at a valuation 200 times higher than the consensus earnings over the next 12 months (currently at 77 times). In terms of earnings multiples over the next 12 months, the combined market value of the former tech "Big Seven" is twice the market value of all other companies in the financial market. Some companies may be able to meet these expectations (it is difficult to determine which ones), but many may not be able to. And as soon as earnings slightly decline or there is a slight change in the external environment, like what happened in August 2024, the stock prices of "hot stocks" may experience significant fluctuations.