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The S&P 500 is up 42% over the last 2 years.
Most people think that means the market is healthy.
Strip out the AI stocks and the same index is only up 16%.
Here is what that means for your portfolio:
The other 470 companies in the S&P 500 have collectively returned about 8% per year over the last 2 years.
That is BELOW the historical average.
It’s the same return a passive investor would have earned in any decade going back 50 years.
The only reason the headline index looks strong is a handful of companies tied to AI.
If those companies pull back, the broader market does not just slow down, it stops working.
This is what concentration risk looks like.
The entire US stock market is now leveraged to ONE THEME.
That theme has been the right call for 2 years.
But it has also turned the most diversified index on earth into the most concentrated bet on earth.
$AMZN
{future}(AMZNUSDT)
$GOOGL
{future}(GOOGLUSDT)
$META
{future}(METAUSDT)