John Authers, Columnist

FANGs Are Obscuring Extent of the Biden Bounce

U.S. stock outperformance is far more marked when looking at an equal-weighted version of the S&P 500.

May 26, 2021 at 4:09 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Getting in the way.
Photographer: CHRISTOPHE SIMON/AFP/Getty Images

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Market cap-weighted indexes have been blamed for many things. There are good arguments against using them, not least because of their tendency to direct money toward stocks that tend already to be overvalued. But over the last year they may also be giving a false impression of the strength of corporate sectors in different parts of the world.