Is FEMO Too Concentrated?

I. Stocks: Happy Fourth Anniversary!

Yesterday marked the fourth anniversary of the stock market bull run. The S&P 500 is up 118.3% since it began. The bull market has survived the pandemic, global supply-chain disruptions, rebounding inflation, two oil price shocks, a significant round of Fed rate hikes, soaring bond yields, a financial crisis, Trump's tariffs, and two wars. It has also survived concerns about the market’s leadership being too concentrated in a few outperforming stocks.