The S&P 500 Index: A Flight to Quality?

There's not a lot of breadth to this market. Even look at Q4 of 2022, we had seven of the 11 sectors in profits recessions. The right kinds of companies are running higher. We're seeing a lot of cash on the sidelines. And so while you could see some volatility, it's not something that we're going to see a really, really extreme drawdown.