Via FTAlphaville:
There are several things we expect FT Alphaville readers to know. For instance, that when bond yields go up, bond prices go down. That’s why, as you may have noticed, we never bother typing such things.
We also expect our erudite readers to know that the S&P 500 — the veritable American index that somehow serves as a benchmark versus hedge fund returns in every lazy article on active management underperformance — has become insanely top heavy thanks to the outperformance of the big tech names such as Microsoft, Google and Amazon.
