Felix Nikolas Prehn: The Hidden Bear Market

We break down why the US stock market can look calm at the index level while most stocks are already deep in a bear market. We also lay out the three forces we see lining up around the midterms and how skilled money tends to position before the headlines change. • Market breadth showing most stocks down 20% plus while the S&P 500 holds up • How index concentration turns “diversified” funds into a handful of mega cap bets • Why a broad washout can be closer to opportunit...