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- ⚠️ This is the biggest US market concentration since before the Great Depression
⚠️ This is the biggest US market concentration since before the Great Depression
Valuations are also sky-high
Global Markets Investor
September 10, 2025
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🔥🔥 GLOBAL MARKETS INVESTOR PORTFOLIO — UP 40% SINCE JANUARY 2024 DURING THE MARCH-APRIL 2025 MARKET TURMOIL, MAJOR US INDEXES FELL NEARLY 20%, WHILE THE GMI PORTFOLIO GAINED OVER 5%, FIND OUT HOW BELOW:
The top 5 stocks account for a record ~28% of the S&P 500's market value. By comparison, at the peak of the 2000 Dot-Com Bubble, the share was ~17%. In the 1970s, the weight of the top 5 was ~25%.
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Looking at the concentration from another angle we can see that the combined weight of S&P 500 stocks with 3% or more share in the index has hit a record ~32%. For comparison, at the 2000 dot-com bubble peak, the ratio was under 10%.
Today, a record 6 companies each account for 3% or more of the S&P 500.
Meanwhile, the top 10 S&P 500 stocks' forward price-to-earnings (P/E) hit ~28x, exceeding the 25x seen during the 1990s Dot-Com Boom.
The market has almost never been so expensive and so concentrated.
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