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General principles of applying reverb and compression- Stereo bus, or tracks?

I am puzzled about where I should be applying my effects, and whether there is any detrimental effect to summing effects in serial. Let's say I have guitar, bass, and drum tracks, and that they benefit from some processing. Should I be treating them individually, say by soloing the track and adding effects there, or should I be adding reverb and compression to all of them in the stereo bus?