{"id":59417,"date":"2020-02-15T02:15:28","date_gmt":"2020-02-15T10:15:28","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=59417"},"modified":"2023-05-12T10:37:30","modified_gmt":"2023-05-12T17:37:30","slug":"black-coffee-15-feb-2020","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id59417-black-coffee-15-feb-2020.html","title":{"rendered":"Black Coffee: Weekend at Bernie’s"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe<\/em> …<\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

I hope everybody is enjoying their weekend. We’ve got a lot to cover this week, so let’s get right to it, shall we?<\/p>\n

Our knowledge is a receding mirage in an expanding desert of ignorance.<\/em><\/p><\/blockquote>\n

— Will Durant<\/strong><\/p>\n

Only those with truth in them will recognize truth. And you must learn to recognize all that is untrue to get the truth.<\/em><\/p><\/blockquote>\n

— Suzy Kassem<\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Did you see this? Through last Monday, just four companies<\/a> accounted for 67% of the S&P 500’s returns in 2020: Microsoft (28%), Apple (15%), Amazon (13%), and Google (11%). According to Franklin Sanders, “That means the market is advancing on speculation, not economic grounds. Also think about what gains that size in six weeks means: some buyers are nuts.” You’re far too kind, Mr. Sanders — they’re all<\/strong><\/em> nuts.<\/p>\n

Credit:<\/strong><\/span> Speaking of Microsoft, asset manager Sven Henrich points out that the stock “has nearly doubled<\/a> since 2019 with a market cap expansion of more than $700 billion, for a total market cap of $1.4 trillion. Historic. And add the top four and their market caps you get this same vertical picture:”<\/p>\n

\n

#MAGA<\/a> ate the stock market… not that one… $MSFT<\/a>, $AAPL<\/a>, $GOOGL<\/a> & $AMZN<\/a> = nearly $5 trillion in market cap or ~17% of the $SPX<\/a>. Different this time? pic.twitter.com\/vXdEZo3Vs6<\/a><\/p>\n

Dan Nathan (@RiskReversal) February 7, 2020<\/a><\/p><\/blockquote>\n