This chart is a warning

[bucolic_frolic]

1. Those large cap tech names dominate everywhere

YouTube pundits, respected and not, have all been reaching the same conclusion these weeks.

The Mag-7 plus Tesla dominate index funds.

Large cap tech that feeds the Mag-7 are a significant portion of international, global, funds, indexed and non-indexed.

Mid-caps have been wobbling in a range since June.

5% of companies - large caps - earn 90-95% of all corporate earnings in America.

I spent the afternoon looking at large cap AI Tech ETFs. Same names, in different concentrations.

Don't know if hiding in the few dozen Long-Short ETFs provides any protection. They can be very volatile, and a wrong bet is still a wrong bet.

Even managed funds try to juice performance with a few Big Tech positions.

Also on the YouTubes, debt - government and private - is an issue. Private credit is a large space, and regional banks are beholden to them.

There are ETFs with that old 2008 bugaboo - Consolidated Debt Obligations. Will it be different this time with private credit mixed in?

I'm wondering if spending stalls from AI job cuts and inflation and recession, who will have earnings? Sounds like a liquidity crunch but the Fed is pinned down - recession if they don't cut rates and provide liquidity with some form of QE, or stagflation if they do.

I know, I know, Trump tariffs will rescue us all like Titanic lifeboats.