Watch: Market Concentration Peaks & Emerging Markets Surge

Filmed on November 19th, 2025, Ryan Mumy and Justin Greenhill break down the most critical market trends affecting your portfolio. In this episode, we analyze:

• • • Top 10 S&P stocks reaching unprecedented concentration while the next 40 hit historic lows
    • Consumer spending weakness accelerating despite the AI capital expenditure boom
    • The fiscal bazooka: three major tailwinds potentially worth 2.5% of GDP in 2026
    • S&P 500 breaking below 50-day moving average as equal weight tests critical levels
    • Emerging markets posting their best year in a decade as inflation drops below US levels
    • 10-year yields turning volatile as Fed rate cut expectations shift
    • Credit markets pricing AI infrastructure risk while commodities form a base
    • Copper outperforming iron ore as the economy shifts toward electrification

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This presentation has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of publication and are subject to change without notice. Past performance is not indicative of future results.