10 Stocks Drove 60% of Gains: Is Your Index Fund Safe?

Record index concentration and passive-fund mechanics mean diversification is an illusion, making fundamental stock-picking essential again.

• Extreme concentration: Just 10 stocks drove 60% of 2024 market gains (vs ~30% in the 2010s, ~20% before), while Shiller PE hit 42 and Wilshire-GDP sits at 230%, levels last seen near the 1999 dot-com peak.
• Buffett's $350-400B cash pile: Framed as a signal the market no longer offers fairly priced opportunities relative to intrinsic value.

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