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Facing record high stock prices, long-only investors often doubt if there are still opportunities for decent buy-and-hold returns. Admittedly, if the market goes up a lot, the universe of "good businesses at fair prices" should shrink. However, I do not see the total vanishment of investment opportunities in equities, while investors might certainly need to search harder and wider by looking into foreign markets and smaller-caps (within their comfort and circle of competence).