Weak Breadth, Broadly Expensive: Stocks See Worst Of Both Worlds

It's been tempting recently to write off or otherwise dismiss stock buoyancy as the product of blockbuster performance from a handful of names. After all, big-cap US tech just enjoyed its best quarter since 2012, and those gains were relatively concentrated. If that's your story, there's some truth to it. A lot, actually. At the same time, though, equities have re-rated more broadly, which means the situation is amenable to a kind of "worst of both worlds" interpretation. The figure below show