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How worried should you be by an increasingly concentrated stock market? (

The Magnificent Seven—not the movie, one of the greatest westerns of all time starring Yul Brynner and Steve McQueen, but Apple (+35.2%), Amazon (+50.0%), Microsoft (+34.1%), Nvidia (+205.9%), Alphabet (+53.3%), Tesla (+111.1%), and Meta Platforms (+153.3%). Through October 5, 2023, these stocks had returned an average of almost 92%. Together they account for basically the entire 12.4% gain of the S&P 500 Index—an equal-weighted version of the S&P 500 would have returned just 0.1%. What, if any, implications does such a dramatic dispersion in returns have for investors?

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