"It is how you show up at the showdown that counts."
-- Homer H. Norton
More Mag 7 fatigue … but maybe we soon stop talking about them as a group of gunslinging outperformers, as two (Tesla & Apple) of the seven seem to have fallen, and one (Google) is already life-endangering wounded. In any case, the Mag 7’s contribution to last year’s rally has been mentioned ad nauseum. Interestingly though, taking a full bear (2022) and bull (2023) cycle, we note that the S&P 500 has shown the same performance, including the Mag 7 (red) or excluding them (blue). Of course, this came due to a relative underperformance by the group during the 2022 bear market. Same, same.
