The Global Guru

The Global Guru

The S&P 500 Is a Great Index — and a Terrible Portfolio

Feb 12, 2026
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For most of the past decade, investing felt easy.

You bought U.S. stocks. Ideally a handful of giant technology companies. You ignored almost everything else. And you were rewarded.

America dominated innovation. Its companies dominated global profits. Its stock market dominated returns.

That trade worked spectacularly well.

But markets have a habit of punis…

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