Another week and another example.
Last week it was a measure of market “breadth”.
This week gave us Michael Batnbick of Ritholtz posting the graph below and a different way to look at the same “situation”.
The bottom 434 stocks of the S&P 500 are equal to top 5 in terms of market cap!
People that are buying the index and believe they are diversified are not paying attention.
Some are calling this index a “fake index” as you are buying 50% AI and are just trading in 5-10 tech stocks if you are buying the index.
But as a wise man once said… None of this matters… until it matters…
Investment advice offered through Convergence Financial, LLC, a registered investment advisor. Legacy Wealth Mgt., LLC and Convergence Financial are two separate entities. Supervised by Convergence Financial, 3919 S. Providence, Columbia, MO 65203
Legacy Wealth Mgt., LLC offers insurance products and services through a separate, unaffiliated insurance platform. These insurance products and services are not offered through, sponsored by, endorsed by, or affiliated with Convergence Financial, an SEC-registered investment adviser.
Convergence Financial provides investment advisory services only. It does not offer, sell, recommend, or receive compensation in connection with any insurance products or services. Any insurance products or services obtained through Legacy Wealth Mgt., LLC are entirely separate from the investment advisory relationship a client may have with Convergence Financial.
Insurance products are not securities, are not investment advisory services, and are not subject to the same regulatory framework as the advisory services provided by Convergence Financial. Insurance products are obligations of the issuing insurance carrier and are not guaranteed, endorsed, or backed by Convergence Financial. Clients are under no obligation to purchase insurance products in connection with any advisory services they receive, and the purchase of insurance products through Legacy Wealth Mgt., LLC is solely at the client's discretion.
The decision to engage with any insurance platform or to purchase any insurance product is the client's alone. Clients should evaluate insurance products independently and may wish to consult with appropriate professionals before making any insurance-related decision.
Disclosures:
SEC Profile
Form ADV Part 2A Disclosure Brochure
Convergence Financial Customer Relationship Summary
Privacy Policy
Charles Schwab Customer Relationship Summary
Copyright © 2026 Legacy Wealth Mgt., LLC