Concentrating On Concentration

Just how concentrated is the US equity market? Well, the most concentrated ever on at least a couple of measures. The narrow market bear narrative is ubiquitous to the point of being ad nauseam by now, but this is a case where failing to pound the table (or beat the proverbial dead horse) risks underemphasizing what may be remembered as one of the more egregious distortions to confront market participants since the dot-com bust. That's not an exaggeration. On Monday, Morgan Stanley's Mike Wil