Traders work on the floor of the New York Stock Exchange. Photograph: Reuters/Brendan McDermid

Momentum can drive markets, but a value-based approach also matters

Stocks soared after Federal Reserve said it would be ‘patient’ with hike rates

On a high: the continued advance of equities means one influential strategist sees almost no value in the US market and precious little elsewhere.Photograph: Brendan McDermid/Reuters

Investment managers are struggling to give advice as even emerging markets don’t look attractive

One-product wonder: the main risk for Apple is an over-reliance on one product (the iPhone), which accounts for 54 per cent of total revenues. Photograph: Adam Berry/Getty Images

Having become the first company to be valued at more than $700bn, Apple bulls have their eyes on the trillion-dollar milestone

Nobel economist Robert Shiller’s Yale International Centre for Finance find confidence among individual investors, as measured by the percentage believing stocks will be higher in a year’s time, is at an all-time low. Photograph: Bloomberg via Getty Images

Investors believe stocks are more expensive than any time since 2001

Outside the NYSE on Wall Street: Traders and investors alike continue to eulogise the fictionalised biography of legendary Wall Street speculator Jesse Livermore in Reminiscences of a Stock Operator

74 years after his death, Jesse Livermore’s Wall Street reflections continue to exert influence

Nasdaq eyes dotcom peak, firing the top performers and the S&P 500 has tripled since March 2009

Currency fluctuations on an electronic board in Tokyo: ordinary traders lose an average of 3 per cent per week on forex markets. Photograph: Yuya Shino/Reuters

Nine out of 10 French traders lose money and evidence confirms high-risk bets rarely turn out well

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