Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
While the broad stock market indices have generated attractive returns this year, the performance has been the result of a small number stocks. This is described as a narrow or limited breadth rally. The Rabid Capitalist calls this condition bad breadth. Historically, a rally that is carried by a small number of firms (for example, the “nifty fifty” of the 1960s and early 1970s or the magnificent seven of 2023) is fragile due to its reliance on a small subset of stocks.
The Rabid Capitalist has detected bad breadth throughout the stock markets.
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