Too Few Stocks Control the S&P 500’s Future

Published on July 16, 2026

Is it a bubble or isn’t it? That’s what everyone seems to be asking about the US stock market. I say it isn’t. A bubble to me is when price becomes disconnected from any rational, articulable value, the way people chased opaque schemes in the Roaring 1920s or the blind faith in new internet companies in the 1990s.

Continue reading on website
Other news

The Big Four Recession Indicators: Real Retail Sales

July 16, 2026
Nominal retail sales were up 0.22% month-over-month and up 6.72% year-over-year in May. However, after adjusting for inflation, real retail sales were up 0.64% month-over-month and up 3.15% year-over-year.

Hoisington, US Bond Bull for Decades, Turns Decidedly Bearish

July 16, 2026
Hoisington Investment Management Co., the bond manager known for its bullish stance on US Treasuries going back more than 30 years, has turned bearish.