Microsoft, Apple, Amazon, Alphabet and Facebook make up 20% of the value of the S&P 500, the most powerfully concentrated handful of stocks since the 1970s
To get a sense of how much better U.S. blue chips have done compared with the rest of the world as the global economy is ravaged by coronavirus, consider this: Nasdaq-listed stocks were briefly worth more than the main index of developed markets outside the U.S. last week, having been worth only half as much five years ago.
This and similar extraordinary comparisons should make investors pause for thought. How sustainable is it that the biggest stock, Microsoft, is closing in on the value of the whole of London’s FTSE 100,...
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