Mega-Cap Versus Median

Mega-cap exceptionalism's admittedly a tired topic by now, but then again, it's the defining characteristic of the US equity market. So, it's unavoidable. In the course of outlining five new scenarios for US equities -- including a new, more bullish base case -- Goldman's David Kosin offered a snapshot of the "mega-cap versus median" divide, if you will. As the figure on the left, below, shows, the profit growth premium for the market leadership was a ridiculous 53ppt in 2023, and while it'll