Why Sohn’s top stock pickers want investors to play it safe

Top global money managers are telling investors to steer clear of companies that don’t make money and invest instead in unloved but profitable businesses, as continuing central bank interest rate rises threaten to keep markets falling.

They railed against being tempted back into the sort of high-growth, loss-making stocks that have been popular for years but are now dangerous because they rely on the capital markets to survive.