Simon discusses the significant outperformance of large growth stocks, namely Technology names, over the more economically-sensitive stocks in recent months. Relatedly, he also comments on the significant underperformance of the average stock versus the broad market averages and how much of the market has already corrected from the spring highs. Understanding what growth slowdown risks have already been discounted by these divergences could create opportunity. He updates the buy case for Costco (COST) and Disney (DIS).