My thinking: An index by definition is a bet that the future will be like the *present*, and current distribution of wealth will self-perpetuate. When the future is not like the present, it's often just a handful of companies making it different.
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Replying to @vgr
why would one buy an individual position that's already held in a diversified fund? (For this reason) unless over-indexing is the point. Perhaps you want exposure to S&P 500 but more to specifically 1 company because (reasons)
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