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Market commentator The Kobeissi Letter has flagged a divergence in equity markets, noting that stocks heavily favored by U.S. billionaires are underperforming the broader S&P 500 — a trend it says has historically preceded stronger market performance.
Billionaire-Favored Stocks Lag Broader Market
In a post on X on Wednesday, The Kobeissi Letter cited the ratio of the Bloomberg U.S. Billionaires Investment Index to the S&P 500, which has fallen to 0.41, the lowest since April 2025. The index tracks the top 50 U.S.-listed stocks held by American billionaires.
The commentator noted the ratio has declined …
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