Willie Sutton Meets Wayne Gretzky

Published on February 20, 2026

There are two sides to the current stock market. One side, ignorance avoidance, requires us to know where the money is. The other side, stock selection, is to know where the money is going.

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The Return of the Stock Picker’s Market

February 20, 2026
The rising dispersion in returns and relatively low correlation among S&P 500 stocks has become increasingly apparent on the CBOE S&P 500 Dispersion Index and the CBOE Three-Month Implied Correlation Index.

Economic Data Alphabet Soup on the Menu: FOMC Minutes, GDP, PCE, PMIs, UMich

February 20, 2026
It’s a short week for traders and portfolio managers, but a long one for those dissecting macro data points. FOMC Minutes hits before a slew of mid-tier economic updates on Thursday. Friday morning could be the big reveal, with growth and inflation numbers followed by bellwether business and consumer surveys.