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In today's Weekend Australian, fund manager and insightful market analyst, Roger Montgomery, posted a glowing endorsement of mid-cap growth stocks, while panning low growth blue chips (and of course, the oversupply of apartments in Melbourne and Brisbane). He also presents another angle on why mid caps may have come off the boil in the last few weeks. Here is a snippet:

"Now to where I expect future returns to be highest.

In the past 60 to 90 days the prices for some of highest quality mid-cap and small-cap growth companies have been pummeled as large institutional investors were forced to sell down their holdings to fund additions to underweight positions in the banks, BHP and Rio amid a perceived improvement to their fortunes.
.........
Now, you can see these sell-offs as risk or you can see it the way I do — as opportunity. I am often told that I will never get the opportunity to buy quality at cheap prices because the market is efficient. But when the market treats that which could be temporary as permanent, an opportunity is presented.

I’d rather be buying high-quality, high-growth companies at beaten-down prices than leverage to buy an overpriced and soon-to-be oversupplied apartment or a large-cap, low-or-no-growth so-called blue chip."

Roger Montgomery is founder and chief investment officer at www.montinvest.com.

http://www.theaustralian.com.au/bus...s/news-story/4fd5372e34b71c46ebb586c5f87eec02

And what is Aconex, if not a high growth stock that has just recently been "pummeled" by short-sighted activity?