We continue to be amazed by the bubble in index funds where the prices of some securities have surpassed economic reality. So far in 2020 half of the S&P500’s return have come from just four stocks. An enormous amount of this is due to multiple expansion (they are just a lot more expensive today than they were a year ago)!
Every index fund holder will get a Holiday “Gift” on December 21st as the S&P500 adds one of the biggest and most controversial companies ever to the Index.
For more on this, see our Nifty-Fifty paper here.
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