Soundings

Market Concentration

Drawing from the nautical practice of measuring depth, Soundings explores the underlying forces, risks, and opportunities beneath the market's surface..

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.