Investors should resist the temptation to chase fashionable themes and instead focus on companies with lasting cash flows and sustainable long-term growth. Read:S&P 500 poised for another record as AI spending narrative holdsAI boom is ‘trickling down’ to old-line stocks, Wells Fargo saysAfter years of exceptional gains driven by a handful of mega-cap technology companies, investors are now in a more vulnerable position, he says. Rossouw stresses that global markets are entering a period where disciplined stock selection is likely to matter far more than simply owning an index. AI valuations raising concernsArtificial intelligence (AI) remains one of the biggest investment themes, but asset managers are increasingly distinguishing between AI’s transformative potential and the valuations attached to the companies driving today’s rally. OMIG argues that South African equity valuations remain attractive relative to global markets despite the late stage of the global cycle.