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You own a tech ETF, a large-cap growth fund, and an S&P 500 index. Three funds. Three tickers. One assumption: "I'm diversified." But as of early 2025, the top 10 stocks in the S&P 500 represent over 37% of the entire index — the highest concentration in modern market history. If you hold those three funds, you likely own Apple, Microsoft, NVIDIA, Amazon, and Meta in all three.
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Charles Schwab
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