The Globe and Mail reports in its Saturday, Sept. 21, edition that unexciting businesses have outpaced the broad market in recent months. The Globe's Ian McGugan writes that since January Loblaw has surged 33 per cent higher, Hydro One has gained nearly 18 per cent, while Royal Bank of Canada has enjoyed a 24-per-cent advance. In the United States, a similar story prevails. Walmart has rocketed 45 per cent higher this year and JPMorgan has climbed 22 per cent. The performance of these staid stocks shows how the narrative is shifting. A few months back, it was a handful of big tech companies dominating investors' thoughts and driving the market higher. Not any more. Investors are growing increasingly fond of more humdrum and predictable sectors. It is clear that the market is no longer assigning an automatic premium to on-line giants. If anything, investors appear to be leaning in the other direction and favouring bricks-and-mortar operators. Mr. McGugan warns that the current enthusiasm for more defensive stocks seems fragile. He reminds readers that there is no such thing as an inherently safe stock. Pay too much and even the most rock-solid business can generate disappointing returns.