"If you own the S&P, you own a lot of bad stuff with a few good names."

If you own the S&P, you own a lot of bad stuff with a few good names. When we were starting 2025, knowing that we were up 50% in two years, that return sequence was driven by too few names for us. That's concentration risk.So even as we sit here today, you have basically 10 technology stocks that are driving 70% of the earnings in this market. That was true last year. It's true again this year.They are very profitable companies. they have a large amount of revenue to work with, but for us that's a very narr ...