Mr Frum believes that a future agreement to cut spending - he thinks America spends much too big a proportion of its GDP on health - and raise taxes, could very quickly bring the debt problem down to the level of quotidian normality.

BBC: Is the US in denial over its $14tn debt?

Having a significant portion of your portfolio allocated to a winning stock sounds great, but the flip side is that you might also be subjected to a manager that missed Microsoft and decides to allocate too much into what he thinks is the "the next Microsoft" so that the clients can see that gain.

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