INDepth with Tim Snelgrove from Coaster Capital

The disconnect is not about the big technology companies themselves, the famed value investor believes. It wasn’t in 2,000 and it isn’t now. The disconnect is about their valuations.

While financials and materials dominated trades leading into 2024, the popularity of other sectors like healthcare and information technology followed generational, and even demographic, lines.

Owning the largest stocks has historically been a recipe for underperformance over every period, according to value house Pzena, but the madness of benchmark construction means some investors have few choices but to.