Magnificent Seven

“And maybe you put up on your wall when you say a hundred percent or 95% of the S&P 500 year to date performance is from the magnificent seven. That's not normal. That's not a healthy sign.”

“And at the firm wide level, we own five of the seven across our various different portfolios. But two of them, in this case, Apple and Tesla are companies that we have not embraced.”

“When you take a look at the economic profit, so return on capital, less cost capital spread times invested capital, the economic profit Of the Magnificent Seven, it's actually larger than their market cap representation.”

“Particularly last year with the magnificent seven and the stock market being so dominated by seven companies, it's been hard to be active because so much of your allocation gets eaten up by just even having a market weight in those seven. So what we find by lo…”

“The invasion of chat and AI ruined my perfectly good bear market. I still got a bear market. It was way over 20% decline, but it wasn't the crushing of a super bubble that would have happened. Without the great investment associated, the capex associated with …”