The popularity contest is alive and well in the stock market. The S&P 500 is at all-time highs, up 9.2% year to date. That’s total return, by the way. If that seems surprising in any way, you’re not alone.
On the surface, one might conclude that we’re in a raging bull market. The enthusiasm, the speculation, the day trading…all the ingredients are there.
A more nuanced answer is that there’s a bull market in a handful of names hiding a bear market in many more.
The largest companies in the S&P are performing exceptionally better than the rest. So much so, that it’s having an outsized impact on the index. The numbers are mindboggling really. Continue Reading…