We’re back with Episode 19 of Tandem Talk – for having nothing to say, we sure do have a lot to talk about! Tune in as we discuss the unprecedented levels of market narrowness and overconcentration investors are faced with today. What has happened to the S&P 500? Are markets changed forever? Is it really different “this time”? If history (or probability) is any indication, it’s not. Later, we revisit the “Lost Decade” of the aughts, and recount lessons learned. The takeaway is quite simple: if you invest like everyone else, during boom times you will boom, and during bust expect to bust. But hard times in the index does not mean hard times for all stocks, or all investors either.