Bizarre Bull

While the equity bull market has been unstoppable, it looks unusual. 72% of equities in the S&P 500 have underperformed the index. This is the highest total since at least 2000. 2020 was the next worst year when slightly over 60% underperformed. Within the 11 sectors of the S&P 500, except for tech where 39.7% of firms underperformed, elsewhere the underperformance has ranged from 54.5% to 97.3%.