Bad Breadth
October 2026
On October 6th, the S&P 500 Index notched a new peak. But all is not as it might seem on the surface. Read this week's Soundings post for a deeper look.
Soundings
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Market Concentration
- All Posts
- AI
- Alternative Investments
- Commodities & Real Assets
- Crypto
- Equities
- Fed Policy
- Fixed Income
- Gold
- Growth
- Hedge Funds
- Impact
- Inflation
- Investing
- IPOs
- Macroeconomics
- Market Commentary
- Market Concentration
- Market Conditions
- Oil Prices
- Private Credit
- Private Equity
- Tide Cycle Updates
- U.S. Dollar
Data Center Blues
October 2026
Hyperscalers are borrowing like never before, towns are saying no, and Anthropic's prospectus shows $518b in commitments with a short leash as the AI build-out is running into the limits of the physical world.
Growth
June 2026
Growth stocks are wobbling after years of AI-fueled outperformance. Three charts from Apollo show rising tech volatility, a valuation premium for non-earners, and how narrow this year's rally really is.
Concentration – Part Deux (et Trois)
October 2025
Index funds now own half the market. A closer look at what that concentration really means.