Markets are weak despite strong returns. Plus: stock picks, bond investing advice and the world’s new most valuable companythis month because it’s too topical to avoid. Mr. Farrell’s rule number seven is “Markets are strongest when they are broad, and weakest when they narrow to a handful of blue-chip names.” From this perspective, U.S. markets are currently extremely fragile.
In the conventional market cap-weighted S&P 500, the performance of the largest stocks affects index returns by a lot more than smaller companies. A one per cent move in Apple Inc., for instance, will affect benchmark returns 446 times more strongly than a one per cent move in American Airlines Group Inc.
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