But don't stick by a beaten-up stock just because it was once a champion. Growth investors strive to jump aboard the leading stocks. But in each new rally, the leaders change.
New winners develop, while some of the old leaders fall by the wayside.
There hasn't been a wholesale changing of the guard in the latest rally. Some of the old industry groups remain strong, such as chipmakers. But there are several fresh faces. Fiber optic companies have thrived, including SDL, Newport and New Focus. Meanwhile, unprofitable Internets have disappeared.