There is an oxymoron in concentration data: stocks ranked 20 through 500 are massively passively held, but the top ~20 stocks (the Mag 7) are actually less passively held because they are the names individual investors and active managers day-trade, making the very-largest-stock multiplier estimates the most suspect.
factualpending
Speaker
Dave NadigEvidence Quote
“those stocks also strike me as the ones where I could probably poke the most holes in terms of valuation methodologies”
Source
The Trillion Dollar Trap | Mike Green on Passive Investing's Fatal Design Flaw— Excess ReturnsCreated: 6/18/2026, 1:59:25 PM
My Notes
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