Broad-Based Bull Market, Not Just Tech, Fueling Global Surge
• Current mythology claims a handful of tech stocks, the "Magnificent 7", drove the S&P 500's surge. This ignores the broad-based nature of the bull market.
• Many overseas markets with little tech exposure have hit all-time highs, showing it's bigger than just tech and primarily US firms.
• Nearly 75% of stocks in the MSCI World index rose in 2023 - over 500 outperformed the index's 23.8% return. Hardly a narrow tech bubble.
• We're seeing a return to normal pre-pandemic growth and inflation. 2021 saw outlier high growth rates which have reverted, not collapsed.
• Past normal growth fueled the longest bull market in history. This bull still has room to run despite claims the economy isn't good enough.