The writer is co-founder and co-chair of Oaktree Capital Management and author of “Mastering the Market Cycle: Getting the Odds on Your Side”
Many investors these days are on heightened alert for asset price bubbles, concerned about a repeat of past booms and busts.
Thus, I’m often asked whether there’s a bubble surrounding the handful of stocks that have been leading the S&P 500 stock index, the so-called “Magnificent Seven” technology companies which have dominated the index in recent years and been responsible for a highly disproportionate share of its gains.
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