Looking under the hood
24 August 2026
Markets are always in flux. Forward-looking investors would do well to assess the current state, look back at how we got here, and gauge how likely it is that today’s leaders keep punching above their weight. Indices, especially concentrated ones, can easily hide who’s doing the heavy lifting. Without digging into the attribution, it is more difficult to determine whether or not we should expect the good times to last, and importantly, how much was due to great investment selection rather than just being in the right place at the right time.
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