The stock market has an increasing concentration problem. The U.S. stock market continues to hold up well despite the ails of the rest of the world. And one specific segment of the market is the primary driver of these ongoing gains. It makes the market look better than it otherwise would as long as this concentrated momentum lasts. Of course, what comes around goes around, and this same momentum will make the market look much worse than it otherwise would once this momentum breaks. Such will be the opportunity for the patient and calculated active investor once this break finally takes place.
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