The S&P 500 Is Hiding a Much Uglier Market

Vinokur holds 30% cash expecting a market washout in 2-4 weeks before buying quality names beaten down 20-40%.

• Cash raised to ~30%: Vinokur's growth portfolio holds 28-30% cash (up from 7-8% in April/May) as he awaits a panic-driven washout he expects within two to four weeks before buying.
• Narrow market masks weakness: S&P 500's ~10-11% gain is driven by a handful of mega-caps while many high-quality large-caps are down 20-40%, visible in the equal-weighted S&P (RSP) vs. cap-weighted divergence.

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