The alternative benchmark offers a better view of America’s stockmarket
Think of America’s stockmarket. What is the first firm that springs to mind? Perhaps it is one that made you money, or maybe one whose shares you are considering buying. If not, chances are you are thinking of one of the big hitters—and they don’t come much bigger than the “magnificent seven”. Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla are Wall Street’s superstars, and deservedly so. Each was established in the past 50 years, and five of them in the past 30.
Whippersnappers, though, they are not. As a result of this maturity, the S&P 493 is less susceptible to the market’s ever-changing mood . This is a double-edged sword. On the plus side, it offered protection during the crash of 2022. The more established business models of S&P 493 companies started the year with less hype than those of the magnificent seven, leaving them less vulnerable when the hype duly evaporated.
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