Good day to post given some pretty brutal stock performances today ($CRWV, $ORCL, etc)...
It’s not just "Mag 7 vs the 493," it's just as much about the market's ruthless sorting mechanism dictated by the cost of capital
yontodd.substack.com/p/the-one-tr...
yontodd.substack.com
The one-trick economy: Cembalest’s 42-stock mirage and the real capital divide
Why Michael Cembalest’s 42-stock concentration data isn’t a 1999 bubble—it’s a capital sorting machine that ends when grid bottlenecks cool benchmark rates.