Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
Memes are dangerous. They are merely a short-form narrative. Narratives are nothing more than stories, often fact-free, that are the hiding places of intellectual weaklings. Investment-related memes often lack any basis in logic, fact or trends. The Magnificent Seven has been a meme like all others.
The Magnificent Seven dominated the public equity market in 2020 and 2021. Since 2022, the divergence of price performance among these seven stocks has been stark. Now, the appropriate moniker is the Dynamic Duo, representing Nvidia and Meta. These two stocks remain the only members of the Magnificent Seven that have maintained their high performance, soundly topping the S & P 500.
And then there were four
Over the last three years, this meme collapsed. Only four of the seven continued to deliver market-beating returns.
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