The 2024 stock market was the most narrow stock market seen since the Great Depression, with dominance concentrated in seven to ten companies (Magnificent Seven), which represents a pessimistic view of future growth prospects because such concentration only makes economic sense during depressions when survival, not growth, is the focus.
factualpending
Speaker
Richard BernsteinEvidence Quote
“Goldman Sachs pointed out that 2024's stock market was the most narrow stock market we had seen since the Great Depression [4:10]”
Source
The Colossal Mistake | The Danger of Narrow Markets — Practical Lessons from Richard Bernstein— Excess ReturnsCreated: 8/11/2026, 7:31:42 AM
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