Day: August 28, 2025

[…] We own a portfolio of stocks that are massively under-owned by the S&P 500 Index and, in many cases, out of favor among active stock pickers. Stock picking itself is well discredited by the momentum of the last 15 years. Healthcare and energy are as small a part of the index as they have ever been. In a stock market that could become difficult at some point, we feel we are at a competitive advantage over most participants.