The investment chief at a billion-dollar firm explains how to profit from a stock market that's been

As the stock market grinds its way to yet another series of record highs, it's easy to assume that it's just been business as usual, with tech companies blazing the trail. But under the surface, the leaders of the market have been churning, with the dominant forces in the benchmark S&P 500 giving way to lesser-loved areas. And as the market has turned over, dislocations have popped up, creating opportunities for investors in an environment that's been largely starved of price...