>Jay Hecht wrote:
>Take out the top 250 market cap stocks and there was no
>gain in the stock
>market (claims latest issue of Barron's)
>
>GN:
>
>Take off five pounds round my midrift and I didn't gain
>any weight over the holidays.
No, that's not what Jason, or Barron's, meant at all. The point is that almost all the gains in the U.S. stock market over the last year or two have come from a small number of stocks. That sort of thing is usually associated with late bull markets (e.g. the Nifty Fifty days of the early 1970s), if you believe that the market is somehow predictable.
Doug