Frequent headlines about stock indexes hitting record highs don’t mean very much when we are in a bull market, as steady economic growth can fuel overall stock-market growth. But the S&P 500’s valuation relative to its components’ expected profits is currently high, and the index’s gain is more concentrated to a small number of companies than it has been at any time for at least 53 years, according to analysts at Ned Davis Research.
This means that a strategy of having a lot of money in an S&P 500 index
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