Markets can fool you. The index sat flat for a month, but scratch beneath the surface and most sectors, industries, and individual stocks were actually down.
The trick? A handful of large-cap names carried the weight. Just 12 industries posted gains in September, but those 12 represented over 40% of the index's total market cap.
This is the illusion of breadth. The index looks stable. The average stock does not. It's a reminder that what you own matters more than what the headline number says.
Concentration can mask weakness. And when the few stop working, the many have already been hurting.
The trick? A handful of large-cap names carried the weight. Just 12 industries posted gains in September, but those 12 represented over 40% of the index's total market cap.
This is the illusion of breadth. The index looks stable. The average stock does not. It's a reminder that what you own matters more than what the headline number says.
Concentration can mask weakness. And when the few stop working, the many have already been hurting.
