The Magnificent Seven was coined earlier this year by Michael Hartnett, an investment strategist at Bank of America. He emphasized that the seven largest companies in the S&P 500 have accounted for most of the index's returns this year.
Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta represent more than 28% of the S&P 500. We would have to go back more than 100 years to find a period of higher concentration when railroads made up more than 60% of the U.S. stock market.
This is not an overnight success. Over the past decade, all of them have...
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