Global stocks have rallied by around 25% from their late-March lows, and the shape of the bounce is becoming more clear: Big is better, and biggest is best.
The largest listed companies in the world are doing far better than smaller stocks. The S&P Global 100 Index is still down around 9% for the year, but that is far better than the S&P Global SmallCap index of more than 8,000 stocks, which is down 23%.
This is not news. I saw the data on my iPhone one month ago.
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