Experiencing the ups and downs of a see-saw is a fun part of many childhoods. But sitting on the fulcrum of a see-saw is no fun, since it doesn’t move relative to the levered ride at both ends.
The equity market over the past several years has acted like a see-saw, with “the market” representing the fulcrum of that see-saw. Overall market statistics mask the significant performance disparities at the seesaw’s ends.
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