PM GoldFix: Must Read BOA Equity Analysis
If you have money in the stock market and are sitting on some good gains and are scratching your head at how to weigh risks in such a concentrated market right now, this is a must read.
Good afternoon: Great week for Metals. More on that in our Weekly Report.
BOA Equity Analysis
If you have money in the stock market and are sitting on some good gains and are scratching your head at how to weigh risks in such a concentrated market right now, this is a must read. While he isn’t the named author, Michael Hartnett’s insights are all over the work. No punches are pulled. The authors are very good here on their own. The piece starts out:
The “Magnificent 7” underscores the challenge facing diversified equity strategies: seven stocks, making up close to 11tn in market capitalization today, contributed 73% of returns of the S&P 500 in the first half of 2023, a crescendo to FANG, FAANMG and tech leadership.
The following questions are answered in summary as well as in detail:
What caused this market concentration?
Has this happened before, and how did it end?
What are the important catalysts to watch for?
How is today’s Big Tech different from prior “bubbles”?
How should equity investors position for the 2H?
The whole thing is also surprisingly easy to read…
If you have any questions on this, we’d be happy to answer them
Bonus: Hartnett’s Flow Show as well…