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Rosen tells the Silvia Investor Summit why buying the S&P 500 is a bet on AI, and which stocks he owns.
Oct 16, 2026
Ten stocks added $4.93 trillion in market value this year through Thursday, October 15, 59% of the combined gain in S&P 500 stocks.
Through Thursday, October 15, the median S&P 500 stock was up 5.7% in 2026 versus 13.2% for SPY. Only 191 of 499 stocks were beating it.
Most stocks are not keeping up with the index this year but that isn't a new phenomenon.
Through the Oct. 14 close, energy and tech are the only sector funds ahead of SPY in 2026. Four of the 11 sectors are down for the year.
Oct 15, 2026
The S&P 500 gained 118.3% in the four years after its October 12, 2022 low, the third-best four-year run for a bull market since 1949.
Since 1950, the S&P 500 has averaged a 6.6% gain in the fourth quarter of midterm years, about 70% more than any other year of the cycle.
The RSP/SPY ratio hit a record low of 0.2710 on Oct. 7, about 31% below its 2015 peak. The average stock is lagging by the widest margin since at least 2003.
The equal-weight S&P 500 led for most of 2026, but mega-caps flipped the race. Through Oct. 7, the S&P 500 was up 14.0% vs. 9.9% for equal weight.
Every big bank stock fell in the month before Q3 2026 earnings, with Bank of America, Goldman and Morgan Stanley down 13%-14% as the S&P 500 rose.
Goldman topped Q3 EPS estimates by 32% while JPMorgan and Bank of America fell short. See how the six biggest US banks stacked up.
Goldman's stock-trading revenue hit $6.44B in Q3 2026, up 72%, leading big banks as prime brokerage boomed. Chart and what it means for investors.
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