Subject: Re: BCC calculations
to build on "participation has been narrowing for quite a while..." - basically, it is increasingly difficult to pick individual stocks expecting a positive return.

The big money - 401k/403b/retirement contributions, sovereign wealth funds - that drives markets - is piling into cap-weighted index funds which in turn own those 10 or 20 megacap tech or related stocks: self-sustaining engine. Those stocks have become the "black hole" of the market, sucking in increasing amounts of money from other investment options.

Diversification is important for risk reduction but increasingly is outperformed by SPY and QQQ because of that.