Actually right now the DJIA might be a _better_ measure of the large cap market than the S&P 500. The problem with price weighted indices is that at the top of

Actually right now the DJIA might be a _better_ measure of the large cap market than the S&P 500. The problem with price weighted indices is that at the top of bubbles they wildly overweight the recent winners. The performance of the S&P in recent times is mostly just the performance of the trillionaire companies. The same thing happened in 2000 when approx 40% of S&P returns was the returns of the Internet (as opposed to the larger tech) sector and in 2007 when financials had an outsized effect. I wonder how much of the performance of GOOG/FB/AMZN is VCs funnelling cash to overvalued startups building a brandname who then funnel said cash to GOOG/FB/AMZN for advertising and overpriced AWS services? Not that I think the trillionaire companies are going anywhere but I suspect they may be hit harder than people think they will be.