In the words of 1978 song The Gambler, recorded so memorably by country crooner Kenny Rogers, “You’ve got to know when to hold ’em, know when to fold ’em.” There has of late been more folding than holding from FTSE 100 investors, leading to one of the biggest reshuffles of the index in recent memory.
The term “blue chip” has its origins on the poker table, where blue was the colour of the highest-value tokens. Rarely have the gambling idioms so beloved of investing commentary felt so appropriate as when the pandemic saw many companies land on zero revenues during lockdowns.
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