The tweet was deleted by the author.
But we saved everything 🙂.
Callum Thomas discusses how the market is sharply divided from a valuation perspective.
He describes a split between the top 100 companies, referred to as the Bigs, and all other companies, called the Big-Nots. According to Thomas, the largest companies attract most of the investment flows and enjoy higher valuations due to their lower cost of capital.
Thomas previously reviewed the S&P 500 for signs of speculation and the influence of AI earnings. He also noted that many investors often overlook the KOSPI index when analyzing global markets. These observations add context to his focus on valuation splits among major companies.