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Phil Ruvinsky - Sustainable Competitive Advantages in Technology

Value Investing with Legends

CHAPTER

Market Concentration and ETF Impact

The chapter delves into the increase in market concentration, focusing on top companies in the Russell 1000 Growth Index and their impact on the benchmark. It discusses historical trends, debates on market dynamics, valuations, and the influence of companies like Amazon and Microsoft compared to past industry leaders like Cisco and Microsoft, emphasizing the impact of indexing and ETFs on market bubbles and the role of active managers in leveraging market inefficiencies.

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