...I've said it before, US market indices have little meaning to our ASX universe of stocks, because we are not tech oriented.
...We are now in the age of the megatechs - they are about to rule the world, their moat gives them market power, they can move the indices higher but they don't have relevance for our ASX, other than positive market sentiment....yet we allow ourselves to be bullish buying our top market cap stocks with mere proxy of market cap strength.
Stock concentration is now at Great Depression levels: According to Goldman Sachs, the market cap of the largest stock is now 750 TIMES the market cap of a 75th percentile stock.
To put this in perspective, even at the peak of the 2000 Dot-com bubble the metric only hit 550x. We officially have a higher stock concentration than the peak of the Great Depression in 1932.
The top 10% of stocks in the US now reflect ~75% of the entire market. Big tech IS the stock market.
https://x.com/KobeissiLetter/status/1770159086447087894?s=20
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...I've said it before, US market indices have little meaning to...
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