“Laggards become leaders” (“Leaders become laggards”)

“Laggards become leaders” (and its opposite, “leaders become laggards”) is sometimes said to be an old Wall Street saying. A stock might lag behind others in one economy, but become a leader in another economy.
 
The origin of the saying is unknown, but John Bogle of The Vanguard Group has said something similar (see 2001 and 2009 citations below) about “laggards” and “leaders.”
 
     
Wikipedia: John Bogle
John Clifton “Jack” Bogle (born May 8, 1929 in Verona, New Jersey) is the founder and retired CEO of The Vanguard Group. His family was affected by The Great Depression. He attended Blair Academy on a full scholarship, earned his undergraduate degree from Princeton University in 1951, and attended evening and weekend classes at the University of Pennsylvania. Upon graduation he went to work for Walter L. Morgan at Wellington Management Company.
 
1 May 1989, USA Today, Money, pg. 6B:
Best, worst stock groups; Laggards become leaders in April
By Gary Strauss
 
New York (NY) Times
INVESTING IT/MUTUAL FUNDS—THE MARKETS: Navigating Choppy Waters
Laggards Become Leaders As Small Stocks Revive
By JONATHAN FUERBRINGER
Published: August 24, 1997
 
Google Books
How to be a smarter investor
By Andrew Feinberg and Sheryl Hilliard Tucker
New York, NY: Money Books
2001
Pg. 10:
As Bogle puts it: “The leading stock groups become laggards, the laggards become leaders and the twain shall always meet.”
 
The Motley Fool
3 Mutual Fund Predictions for 2008
By Rick Aristotle Munarriz
January 16, 2008
The world of mutual funds is always changing. That may come as a shock to actual fund investors who think they are buying into securities that can be tucked away unchecked for eons.
 
Leaders become laggards. Laggards become leaders. Passive investments in actively managed funds are never as dull as the process might seem.
   
Morningstar
A Gem: “The Bogleheads’ Guide to Retirement Planning”
10-11-2009, 1:38 PM | Post #2715680
Hi Diehards:
 
This is a community book written by Boglehead forum experts in various aspects of retirement planning. All proceeds go to the National Constitution Center in Philidelphia to honor our friend and mentor, Jack Bogle, who was Chairman for seven years. These excerpts are a small sample of the gems inside its cover:
(...)
“Performance comes and goes, and yesterday’s leaders are likely to be tomorrow’s laggards.”
   
ETF GUide
Can Laggards Become Leaders?
By Ron DeLegge, Editor
January 13, 2010
SAN DIEGO (ETFguide.com) – Can last year’s investment laggards become this year’s leaders?
   
Benzinga.com
Laggards Become Leaders (AA, DJI)?
Posted on 04/01/10 at 11:07am by Swing Trader
The old Wall Street saying “laggards become leaders” is ringing true as the second quarter kicks off today.