On paper, the S&P 500 is solidly up this year. But looking under the hood, the story is quite different.

✅ A large part of the rise is concentrated in a few stocks ✅ The 'average' market is much weaker than the big names would suggest ✅ Risk concentration is increasing

For me, OVERCONCENTRATION is the main danger going forward. Well beyond valuations, in fact.

Relying solely on the overall index can give an illusion of health, yes. But for the savvy investor, diversification remains essential, and caution is warranted if performance relies on so few players.

Are we facing a precursor signal of exhaustion… or a simple delay that will be filled?

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📊 Top 3 best YTD performances (2025) in the S&P 500

1. Palantir Technologies (PLTR): +145.07%

2. GE Vernova (GEV): +91.94%

3. Newmont Corp. (NEM): +84.63%

These three stocks have significantly outperformed the overall index, which is up 10.44% this year.