The overall equity market again showed positive returns with the SPX up 3.65% for the month and up 14.83% for the year. Following the market decline earlier in the year due to the tariff scare, the market has consistently moved higher, with the MAG 7 currently accounting for around 35% of the total market capitalization of the SPX. If you take out the MAG 7 the remaining stocks have almost flat-lined over the last decade as displayed in a Goldman Sachs graph.
The talk of bubbles abounds as it should, but there is also the FOMO effect. FOMO affects all investors who have not invested in MAG 7 and wish they had. FOMO is a by-product of a bubble. FOMO keeps bubbles alive, but like all bubbles, it cannot last forever. If you have FOMO, then it is likely too late.