As we’ve argued many times in the past, the #CashFlows generated by today’s #economy are accruing to fewer and fewer corporate players, which is why it’s not surprising that the top 5 companies in the $SPX by market cap comprise nearly 21% of the index total. 
And contrary to the many commentaries speculating on the hypothetical differences between pre- and post- #Covid #economies, we’re fairly certain that this is a trend that’s likely to accelerate. Especially when the @Nasdaq just added the equivalent of two Russell 2000s this year!
Revenues, cash flows and ultimately #market #capital flows are in motion at an astounding speed, as #investors attempt to distinguish between winners/losers in sectors, industries and individual companies: that amazing structural evolution is key to #investment success today.
