This Bull Market is Top Heavy

Here are some stats for you.

Stocks with market caps over $100b are -7% on a median basis over the past 52 weeks.
Stocks with market caps under $1b are -55% over the past 52 weeks.
Mid cap stocks from $5 – $50b are -11% over the past 52 weeks.

Generally speaking, the market has rewarded mega cap monopolies and following the previous path of FANG. We had a brief period during and after COVID where small caps busted loose and it left the mega caps in the dust. But that bubble popped and if you’re only focusing on the smalls, you should expect to be disappointed.

Presently I am 45% cash, +105bps, one small hedge.