Whether famous or infamous, the Magnificent 7 stocks have been 2023’s stock market story. They have dominated indices to the point that some Large Cap Growth Funds no longer qualify as diversified portfolios under the 1940 Act, and they have dominated market performance so much that markets have the narrowest leadership since the Technology Bubble.
However, the fundamentals of the Magnificent 7 aren’t uniquely superior, and the breadth and depth of other growth opportunities seems historically large and attractive. We’ve described the attractiveness of the stocks outside the seven as a once-in-a-generation opportunity to invest in this broad and ignored group.
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