COVID-19 UPDATE: S&P 500 Mega-caps not a "bubble" as Top 5 earnings share = top 5 market cap share. San Diego CFA poll shows CFA holders bearish.

Thursday was a rough day in the markets, with a fierce sell-off and S&P 500 down >1%.  The carnage was in the mega-caps and there is a growing chorus that the S&P 500 is distorted by the outsized market cap of the Big 5 tech names.  We have seen multiple citations of the "craziness" of this market as the top 5 are now 22% weight of the S&P 500.  We discuss this at length below, but we just don't see the bubble. The top 5 stocks (AAPL, MSFT, AMZN, FB, GOOG) are 18% of earnings ...

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