The Clark Howard Podcast 01.20.26 Ask An Advisor With Wes Moss
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Jan 20, 2026 
Wes Moss, a certified financial planner and investment advisor, dives into the nuances of market dynamics. He discusses why small and mid-cap stocks are regaining momentum against larger giants like Microsoft. With individual investors often lagging behind broader market averages, Wes shares strategies to combat emotional investing and the importance of diversification. He also weighs the benefits of Roth accounts versus HSAs and offers practical advice on managing investment settlements. Tune in for insights that can help shape your financial future!
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S&P 500 Has Become Mega-Cap Dominated
- Large-cap dominance has grown; the median S&P 500 company doubled to about $35B over 10 years.
- Ten companies now equal roughly 40% of the S&P 500, skewing index returns toward mega-caps.
Include Small And Mid Caps In 401(k) Allocations
- Do not ignore small- and mid-cap funds in your 401(k) just because large caps have recently outperformed.
- Diversify across size categories since small caps may catch up and historically outperform over long periods.
Company Size Buckets Have Shifted Upward
- Market-cap ranges have shifted: small caps ~ $500M–$5B, mid caps $5B–$25B, large caps $25B–$300B, mega $300B+.
- Median and average S&P sizes rose drastically, changing how 'large' is perceived.