Most importantly, the number of stocks sitting on the rising side of the see-saw has dramatically shrunk. The Magnificent 7 are up 95 per cent this year to Aug. 31 and just those seven companies have contributed a whopping 71 per cent of the S&P 500’s rise in 2023 so far.
However, markets broaden when the profit cycles accelerate because lower-quality and more cyclical companies have greater operating and financial leverage. Using the hackneyed analogy, a rising tide lifts all boats. U.S. small caps, Europe, Japan, China and U.S. themes focusing on real productive assets and the rebuilding of America’s manufacturing capacity all seem particularly attractive.
France Dernières Nouvelles, France Actualités
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