Leave your feedback Share Copy URL https://mypepack.gophersport.com/video/?vid=5bXsQvEdBNE Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter The S&P 500 is lying to you [0LbKm9oyOLp] Health Updated on August 10, 2026 EDT — Published on August 10, 2026 EDT The U.S. just blockaded the Strait of Hormuz and the S&P traded green. That confuses people until you understand cap-weighting and concentration. The top 10 stocks are over 40% of the index, the most concentrated since 1972, and the weighting has shifted toward semis. When that narrow group catches a bid, the index follows even if the rest of the market is flat. Pull up the equal-weight S&P. Still well off January highs. The average stock has not recovered. This week's Letter shows the optimal portfolio path from my model. Reply 'LETTER' for access. This is educational only not investment advice or a recommendation to buy or sell any security or commodity. elqEXzXYGB4 6nTBaMfywlE Z50fDtzH6b1 hCj3SHTnwaG dtJATKqVBH3
The U.S. just blockaded the Strait of Hormuz and the S&P traded green. That confuses people until you understand cap-weighting and concentration. The top 10 stocks are over 40% of the index, the most concentrated since 1972, and the weighting has shifted toward semis. When that narrow group catches a bid, the index follows even if the rest of the market is flat. Pull up the equal-weight S&P. Still well off January highs. The average stock has not recovered. This week's Letter shows the optimal portfolio path from my model. Reply 'LETTER' for access. This is educational only not investment advice or a recommendation to buy or sell any security or commodity. elqEXzXYGB4 6nTBaMfywlE Z50fDtzH6b1 hCj3SHTnwaG dtJATKqVBH3