Ryan Sterling

speaker

807 appearances 4 recordings 1 series first heard Feb 2026 last heard 7 Sep

Ryan Sterling’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 4 in all, peaking in Sep 2026 with 1.

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When you go back to the early 70s, it was also kind of in the high 20s, low 30s.

Why some people are alarmed right now is because those two periods were followed by recessions and bear markets.

So there's this concern that, okay, is this going to follow suit?

And I think it certainly warrants paying attention.

But there's another interesting case study, and that's going back to 1932.

So in 1932, the largest company in the S&P 500 was AT&T, and it represented around 13% of the entire market.

In contrast, the biggest company today is NVIDIA.

NVIDIA is around 8%.

Okay, so how did the market do in 1932 work?

with a concentration with one company representing around 13%.

Well, over the next 30 years, the market annualized at around 16% a year.

So one of the best 25 year periods we've ever seen.

So the way that I take this is to say, okay,

Is the concentration a cause for pause?

Absolutely.

Is it a definitive when it gets this concentrated, it will lead to a bear market?

It's not quite that tight of a relationship, but it certainly does bear paying attention to.

They can, yeah.

I mean, when you look at, again, NVIDIA at around 8%, if NVIDIA stock drops 50%, that's gonna be 4% in terms of their attribution to total return.

Like the market will certainly feel that.

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