Warning: Investing in Tech Stocks May Just Be 1 Big, Overcrowded Trade

As I see it, “diversification” has become a casualty of the indexing age. But that hasn’t stopped investors from pursuing it. I’ve sat quietly for a while, not really pressing my case. But that’s over. Here it is, an obituary of sorts for portfolio diversification. If you own the five biggest tech-focused ETFs — QQQ, XLK, VGT, FTEC, and SMH — you likely believe you have a balanced exposure to different parts of the growth engine. The reality is far less exciting. As of late March 2026, these funds have mo ...